Remittances from Egyptians working abroad surge to $2.6B in June 2024

CAIRO – 7 August 2024: In June 2024, remittances from Egyptians working abroad surged by 65.9 percent, reaching approximately $2.6 billion, marking the fourth consecutive monthly increase, up from about $1.5 billion in June 2023, as per the Central Bank of Egypt (CBE) report.

 

Following reforms enacted on March 6, 2024, remittances more than doubled from their previous levels, hitting around $1.3 billion in February 2024. 

 

Between April and June 2024, remittances continued to climb, rising by 61.4 percent to about $7.5 billion compared to approximately $4.6 billion during the same period in the previous year.

 

Notably, Egypt's net international reserves reached $46.49 billion by the close of July, a $110 million increase from June's $46.38 billion.

 

Meanwhile, foreign currency reserves dropped slightly from $36.9 billion in June to $36.3 billion the following month.

 

In a significant move in March, the Monetary Policy Committee (MPC) of the CBE raised key interest rates substantially, with the overnight deposit rate, overnight lending rate, and main operation rate all increasing by 600 basis points to 27.25 percent, 28.25 percent, and 27.75 percent respectively. The discount rate also saw a similar hike to 27.75 percent.