CAIRO - 11 November 2024: The Central Bank of Egypt (CBE) announced a 65.5 percent year-on-year increase in remittances from Egyptian expatriates in August, marking the sixth consecutive monthly rise.
The CBE reported in a statement that remittances rose to approximately $2.6 billion in August 2024, compared to about $1.6 billion in August 2023.
Additionally, remittances for the period from July to August 2024 increased by 76.2 percent, reaching around $5.6 billion, compared to approximately $3.2 billion during the same period last year.
Since March, remittances from Egyptian workers abroad have been recovering following the CBE's decision to liberalize the exchange rate and eliminate the black market for currency trading, which had previously drawn a significant portion of these remittances.
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.
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