Remittances from Egyptian expats up by 86.8% in July – CBE

By Yomna Yasser On Sep 9, 2024

Egypt Central Bank of Egypt's — The Central Bank of Egypt's (CBE) headquarters in the new administrative capital (CBE Photo)

Remittances from Egyptian expats reached a new high in July 2024, increasing by 86.8 per cent year-on-year to approximately $3.0 billion, a central bank data showed on Monday. This marks the fifth consecutive month of growth and is the largest monthly increase on record.

In July 2023, remittances stood at $1.6 billion.

On a monthly basis, remittances rose 15.9 per cent in July compared to a previous month.

Year-to-date, remittances from Egyptians overseas surged by 32.4 per cent, reaching $15.5 billion in the first seven months of 2024, compared with $11.7 billion in the same period in 2023.

The continued increase in remittances is a positive indicator for Egypt’s economy.

Attribution: The Central Bank of Egypt (CBE)

Subediting: M. S. Salama

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