Remittances
October 2024 alone saw an exceptional 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.
This initiative is part of Egypt's ongoing push toward digital transformation and reducing the reliance on physical cash, in line with the bank’s broader strategy to modernize the country’s financial infrastructure.
Remittances from Egyptians abroad witnessed major leaps after reforms in March 2024, doubling in Sept. 2024 to record about $2.7 billion.
The CBE attributed this substantial growth to ongoing positive impacts from economic reforms introduced in March, which have boosted foreign currency inflows.
The total value of remittances of Egyptians working in the G20 group to Egypt amounted to about $11.1 billion during the fiscal year 2022/2023, compared to $14.3 billion during the fiscal year 2021/2022.
Nasr noted that InstaPay has garnered 11.5 million users since its launch two years ago, reflecting its growing adoption.
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.
Following reforms enacted on March 6, 2024, remittances more than doubled from their previous levels, hitting around $1.3 billion in February 2024.
Various international financial institutions and development partners have also pledged their support to bolster Egypt’s economy.
Remittances from Egyptians abroad also increased by 2.6 percent compared to the immediately preceding month, March 2024, during which they recorded about $2.1 billion, as a result of the economic decisions on March 6, 2024.
Prime Minister Mostafa Madbouli announced that remittances from Egyptian expatriates are gradually returning to their usual levels, particularly due to the narrowing gap between the official exchange rate and the black market rate.
The endeavor capitalizes on the shortage in workers amounting to 100 million in the European Union and the United States.
The WB’s report highlighted that the MENA region’s remittances are projected to fall by 5.3% to approximately $61 billion in 2023, following a 4.5% drop in 2022
The agency said that the total remittances were estimated at about $3.5 billion during the fiscal year 2021/2022, while they were about $3.4 billion during the fiscal year 2020/2021, an increase of about 1.4 percent.
Egypt was ranked among the top recipients of remittances in the Middle East and North Africa (MENA) region in 2022 according to a report by the World Bank in June
Saudi Arabia ranked first in the list of the top ten Arab countries in the value of remittances from Egyptians working in it during the fiscal year 2020/2021.
The remittances from Egyptian expatriates declined during the third quarter of 2022 (July-September) by 20.9 percent, recording $6.4 billion, down from $8.1 billion during the same quarter of 2021.
Egyptian imports from the United States of America witnessed a remarkable increase during the first 10 months of last year 2022, according to data from the Central Agency for Public Mobilization and Statistics.
The Egyptian exports to the US decreased 5.2 percent to reach $2 billion during the first 10 months of 2022, compared to $2.1 billion in the same period in 2021.
In August, the remittances from Egyptian expatriates decreased to $2.2 billion, compared to $2.4 billion during July 2021.
