CAIRO - 25 November 2024: Remittances from Egyptians expatriates surged by 107.7% in September, reaching $2.7 billion compared to $1.3 billion in the same month last year, according to the Central Bank of Egypt (CBE).
The CBE attributed this substantial growth to ongoing positive impacts from economic reforms introduced in March, which have boosted foreign currency inflows.
During the first quarter of the 2024/2025 fiscal year, remittances increased by 84.4% to approximately $8.3 billion, up from $4.5 billion in the corresponding period of the previous year.
Additionally, remittances recorded a 42.6% growth during the first nine months of 2024, totaling $20.8 billion compared to $14.6 billion during the same period in 2023.
Earlier, Assistant Sub-Governor of the CBE, Ehab Nasr, for Banking Operations and Payment Systems, revealed plans to enable remittances from the Gulf to Egypt through InstaPay within two months.
Speaking at the 11th edition of the PAFIX conference on electronic payments and financial inclusion, Nasr noted that InstaPay has garnered 11.5 million users since its launch two years ago, reflecting its growing adoption.
Nasr projected that transactions through the real-time payment network and InstaPay would reach 1.5 billion transactions by the end of 2024, with a cumulative value of LE 2.6 trillion, a significant leap from 400 million transactions initially.
A new payment service for merchants via InstaPay is expected to launch next year, further facilitating digital payment solutions in Egypt.
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