Remittances more than doubled in June from their level before implementing the reform procedures on the 6th of March as they recorded around $1.3 billion in February.

The latest devaluation of the Egyptian pound has contributed to unifying the greenback rates between the official banks and the currency parallel market, which witnessed significant spikes before that due to the US dollar's severe shortage in the local market for over two years.

The International Monetary Fund (IMF) announced the computation of a review, allowing Egypt to withdraw $820 million.

Egypt took several ways to deal with the US dollar shortage crisis, including sealing a $35 billion deal with the UAE to develop the Ras El-Hekma zone on the North Coast.

Moreover, remittances exhibited a 61.4 percent increase from April to June, recording around $7.5 billion compared to $4.6 billion in the corresponding period.

Egypt launched several initiatives to attract the US dollar holdings of Egyptian expats into the country to tackle the US dollar shortage crisis in the local market.

Furthermore, Egypt ranked 6th position among the world’s remittance-receiving countries in 2023, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).