Remittances from Egyptians abroad double to $2.7B after financial reforms

CAIRO - 25 November 2024: Remittances from Egyptians abroad witnessed major leaps after reforms in March 2024, doubling in Sept. 2024 to record about $2.7 billion.

In Sept. 2023 remittances recorded about $1.3 billion, according to a Monday statement by the Central Bank of Egypt (CBE).

Remittances also witnessed an increase during the first quarter of the fiscal year 2024/2025 (the period from July to September 2024) by 84.4% to record about $8.3 billion, compared to about $4.5 billion the year before. 

The first nine months of 2024 witnessed an increase by a staggering 42.6% to reach about $20.8 billion, compared to about $14.6 billion in 2023. 

The reforms mentioned by the CBE include raising the overnight deposit and lending rates to 27.25 percent 28.25 percent, respectively. At the time, the CBE also raised the main operation rate by 600 basis to reach 27.75 percent.