CAIRO – 24 December 2024: The Central Bank of Egypt (CBE) has reported a sharp increase in remittances from Egyptians working abroad, reaching $23.7 billion in the first ten months of 2024. This marks a 45.3% rise compared to $16.3 billion during the same period in 2023.
October 2024 alone saw a 68.4% surge in remittances, amounting to $2.9 billion, compared to $1.7 billion in October 2023. This remarkable growth highlights the impact of recent economic reforms on financial inflows.
According to the CBE, this surge is largely driven by economic measures implemented in March 2024. Key reforms included the devaluation of the Egyptian pound and the adoption of a flexible exchange rate regime as part of an $8 billion Extended Fund Facility agreement with the International Monetary Fund (IMF). These changes have bolstered confidence among Egyptian expatriates, prompting a significant rise in remittance flows.
The period between July and October 2024 also recorded impressive performance, with remittances growing by 80% year-on-year to reach $11.2 billion, compared to $6.2 billion during the same months in 2023.
In a recent development, the CBE announced plans to enable Egyptians living in Gulf countries to transfer money to Egypt via the InstaPay application. This initiative is part of Egypt's broader digital transformation strategy aimed at enhancing financial inclusion and modernizing its financial infrastructure.
The expansion of InstaPay services to support international remittances is expected to provide a faster, more secure, and cost-effective alternative to traditional remittance channels. By offering instant transfers and seamless integration with local banks, the platform encourages Egyptian expatriates to utilize formal financial systems, further strengthening the country's remittance inflows and economic stability.
Comments
Leave a Comment