- The Central Bank of Egypt said that remittances from Egyptians working abroad rose during May 2024, for the third consecutive month, at a growth rate of 73.8% on an annual basis, to reach about $2.7 billion, compared to about $1.6 billion in May 2023.
- The Central Bank added, in a statement today, Monday, that these transfers increased in May 2024 by a rate of 26.6% compared to the previous month of April, during which it recorded about 2.2 billion dollars, as a result of the economic reform package that was taken on March 6, 2024.
- Remittances from Egyptians abroad are one of the most important and largest sources of foreign currency for Egypt after export revenues. A large portion of these remittances during the period before March 6 were directed to the parallel currency market due to the large difference in the dollar price between it and the official market. However, they began to return to official channels (banks and exchange companies) again after the economic reform package that was taken on March 6.
- A recent report issued by the Central Agency for Public Mobilization and Statistics had monitored the value of remittances from Egyptians working abroad reaching about $241.5 billion over the past 10 years.
- He explained that these transfers amounted to $18.5 billion in 2013/2014, $19.3 billion in 2014/2015, an increase of 4.4%, $17.1 billion in 2015/2016, a decrease of 11.7%, about $21.8 billion in 2016/2017, an increase of 27.7%, and $26.4 billion in 2017/2018, an increase of 21%.
