- Today, Saturday, the Central Agency for Public Mobilization and Statistics issued a statement on the International Day of Family Remittances 2024, which was adopted by the United Nations General Assembly at its seventy-second session in 2018.
- The United Nations celebrates on June 16 of each year, and the theme of this year’s celebration is “Digital Transformations towards Financial Inclusion and Reducing Costs”, highlighting the positive effects of digitization in reducing costs, improving access, and enhancing financial inclusion.
- This year’s theme focuses on recognizing the contributions that migrants around the world make to their families, friends, communities and countries through the money they send home, helping families achieve their Sustainable Development Goals.
- Regarding the most important indicators related to remittances globally, according to World Bank data, the value of remittances by workers abroad worldwide amounted to $860.3 billion in 2023, compared to $835.6 billion in 2022, with a growth of 3%, and the value of remittances to low- and middle-income countries recorded about $669.3 billion, compared to $626 billion.
- Regarding the most important indicators related to the cost of sending money transfers, international money transfer fees are still high. For example, an amount of $200 has reached 6.2%. Although mobile phone service companies offer lower fees estimated at 3.5%, less than 1% of these transactions are conducted through digital channels.
- The report showed that 50% of remittances sent worldwide are made through digital channels, and in more than 80 countries worldwide migrant remittances account for more than 3% of GDP; and the cost of sending money using digital channels (to/from bank accounts/mobile wallets) is on average 4.6% less than the amount sent.
- Regarding Egypt's ranking among the countries receiving the most remittances in 2023, according to data from the Ministry of Foreign Affairs' annual statistical book, the number of Egyptians immigrating abroad reached 11.09 million immigrants by the end of 2022.
- According to World Bank data, Egypt ranked sixth among the countries receiving remittances from workers abroad worldwide, after (India, Mexico, China, the Philippines, and France) in 2023.
