Egypt Daily News – The Central Bank of Egypt reported a significant increase in remittances from Egyptians working overseas, posting a 65.9% rise in June 2024 to approximately $2.6 billion, up from about $1.5 billion in June 2023. This increase marks the fourth consecutive month of growth in remittances.
In addition, remittances more than doubled compared to pre-reform levels, rising from around $1.3 billion in February 2024, shortly after economic reforms were implemented on March 6, 2024.
During the period from April to June 2024, total remittances reached approximately $7.5 billion, a 61.4% increase compared to about $4.6 billion during the same period in the previous year.
The Central Bank also noted that as of Tuesday, the Egyptian pound was valued at 49.16 against the US dollar.
This follows a significant devaluation of the pound after the Central Bank increased interest rates by 600 basis points in March, causing the currency to drop from 30.91 to around 50 pounds per dollar—a decrease of nearly 60%, marking an unprecedented low in official transactions.
