Remittances from Egyptian expats surge 73.8% YoY in May – CBE

By Yomna Yasser On Jul 8, 2024

Egypt's central bank Egyptians — Egypt's central bank's new headquarters in the New Administrative Capital

Egyptian expats remitted a significant amount of money in May 2024 as remittances surged 73.8 per cent year-on-year, reaching around $2.7 billion from $1.6 billion in May 2023, the central bank said on Monday.

This upward trend continued on a monthly basis as well, with a 26.6 per cent increase from April’s $2.2 billion. The Central Bank of Egypt (CBE) attributes this rise, in part, to a recent package of economic reforms implemented in March 2024.