Moreover, remittances this year increased by 15.9 percent in July compared to June, which recorded $2.6 billion.

In addition, they exhibited a 32.4 percent increase from January to July, recording around $15.5 billion, compared to $11.7 billion in the corresponding period in 2023.

According to the CBE figures, remittances totalled $22.1 billion in the fiscal year 2022/2023.

Egypt ranked sixth among the world’s remittance-receiving countries in 2023, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).