The Central Bank of Egypt (CBE) announced an 86.8 percent increase in remittances of Egyptians working abroad during July, for the fifth consecutive month, reaching three billion dollars compared to about $1.6 billion during July 2023 – an unprecedented increase for the month of July.
The CBE said in a statement on Monday, that remittances increased by 15.9 percent compared to the previous month, June, during which it reached about $2.6 billion.
Remittances of Egyptians working abroad during the first seven months of the current year, January to July 2024, thus recorded an increase by 32.4 percent – reaching up to $15.5 billion compared to about $11.7 billion during the same period last year.
The CBE announced last month that remittances from Egyptians working abroad increased during June 2024, for the fourth consecutive month, by 65.9 percent, reaching about $2.6 billion, compared to about $1.5 billion during June 2023.
It noted that remittances increased by more than double compared to what they achieved before the reform measures taken on March 6.
The bank added that remittances from Egyptians abroad witnessed an increase from April to June by 61.4 percent, recording about $7.5 billion, compared to about $4.6 billion during the same period in 2023.
Banking expert Mohamed Abdel-Aal attributed the increase to several factors.
The most important of these is the increased confidence of foreign and Egyptian traders and investors in the Egyptian pound, after the liberalization and unification of the exchange rate, the disappearance of the parallel market, and raising interest rates on the Egyptian pound as part of the monetary reform decisions issued by the Central Bank.
He added that the stability of the exchange rate and the success of the monetary policy linked to interest rates helped provide savings instruments and certificates with a distinctive return, making these savings one of the most important targets for Egyptian savers working abroad.
