5 Countries That Receive the Most International Remittances

This brief article will highlight the main recipient countries of international remittances. If you want more insights into the international money inflow and outflow, read 15 Countries That Receive the Most International Remittances.

5. Egypt

Remittance Inflows as a Share of GDP: 7.82%

Egypt has positioned itself as one of the top recipients of remittances in Africa, with a significant portion of its diaspora residing in the Gulf countries, the United States, and Europe. In 2022, Egypt witnessed a 10% drop in remittance inflows, falling from a record high of $31.5 billion in 2021 to $28.3 billion. Analysts attribute this significant reduction to a rising trend among Egyptians to either engage in foreign exchange transactions on the black market due to an increasing disparity between the parallel market and official exchange rates or to hold onto their foreign currency amidst fears of a potential devaluation of the Egyptian pound. It’s also noteworthy that the Egyptian government, as part of an agreement for a $3 billion loan package with the IMF in October 2022, consented to transition to a more flexible exchange rate regime. This policy shift is expected to address some of the underlying issues that have contributed to the fluctuation in remittance flows.