Egypt economy: Expats remittances hit $14.5b in 9m – CBE

By Nada Ali On Aug 21, 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 expatriates experienced a 17.1 per cent decline to reach $14.5 billion during the July-March period of the 2023/2024 fiscal year, a recent Central Bank of Egypt (CBE) report showed. The remittances stood at $17.5 billion in the July-March period of the FY 2022/2023.

On a positive note, the CBE report said that Egyptian expatriates’ remittances recorded an annual increase of 11.1 per cent in March 2024 – for the first time after a 22-month slump – to stand at $2.1 billion against $1.9 billion in March 2023, thanks to the economic decisions taken on the 6th of March 2024.

Meanwhile, the investment income balance deficit increased by 4.0 per cent to $14.0 billion, up from $13.5 billion in the previous fiscal year.

Attribution: The CBE’s External Position of the Egyptian Economy report

Subediting: Y.Yasser

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