Infograph: Egypt remittances in July hit highest point in 5 months at $3 bln

Rana Salem , Thursday 12 Sep 2024

Egypt's remittances jumped by 86.8 percent in July to $3 billion, compared to July 2023, hitting its highest point in five months, according to the Central Bank of Egypt (CBE) data.

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File Photo: A customer exchanges U.S. dollars to Egyptian pounds in a foreign exchange office in central Cairo, Egypt. Reuters

 

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Egyptian remittances increase by 87% in July: CBE
Growth in remittances
Egyptian remittances increased by 66% in June 2024: CBE

Remittances serve as a critical source of foreign exchange liquidity in Egypt.

Its inflows to the country improved drastically following the policies announced by the CBE on 6 March and floating the pound to comply with Egypt's commitment to adopting a flexible exchange rate under the $8 billion loan agreement with the International Monetary Fund (IMF).

They increased significantly by 61.54 percent from $1.3 billion in February to $2.1 billion in March.

The flotation of the Egyptian pound in March resulted in unifying the foreign exchange rate and raising the value of the Egyptian pound against the dollar to EGP 48.44, up from approximately EGP 30.9.

 

 

Egypt ranked sixth among remittances-recipient countries in 2023, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). 

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