Remittances of Egyptians Abroad increase to $15.5 Billion in 7 Months: CBE

CAIRO - 9 September 2024: The Central Bank of Egypt (CBE) announced that the remittances of Egyptians working abroad increased during July 2024 - for the fifth consecutive month - by 86.8 percent. 

 

According to the CBE, the remittances recorded an unprecedented increase in July 2024 reaching $3 billion (compared to about $1.6 billion in July 2023). July has not witnessed such increase before since the beginning of monitoring the statement of remittance flows of workers abroad.

 

Remittances also increased by 15.9 percent compared to the month immediately preceding it (June 2024), during which they recorded about $2.6 billion.

 

Thus, remittances of Egyptians working abroad during the first seven months of the current year (January/July 2024 period) recorded an increase of 32.4% percent to reach about $15.5 billion (compared to about $11.7 billion during the same period of the previous year).