Remittances from Egyptians Abroad Jump to $26.3 Billion
Remittances from Egyptians abroad rose by 65.4% year-on-year in November to reach $2.6 billion, but slowed down from $2.9 billion in October.
According to data from the Central Bank of Egypt (CBE), remittances during the first 5 months of the fiscal year—which begins in July and ends in June—reached $13.8 billion, up 77% from $7.8 billion in the same period last year.
At the same time, remittances during the first 11 months of 2024 reached $26.3 billion, compared to $17.9 billion in the same period in 2023.
Unifying the exchange rate eliminated the parallel market, where currency traders formed networks to attract remittances during the height of the currency crisis that the country suffered from for more than two years since the war in Russia and Ukraine until early February 2024, when the country concluded the huge Ras al-Hikma deal.
The Ras El Hekma deal brought in $24 billion in inflows, in addition to converting $11 billion in debts into the Egyptian pound, which helped the Central Bank liberalize the exchange rate and eliminate the parallel market.
Recently, the Central Bank announced the activation of instant transfers for Egyptians abroad via the "Instapay" application in a number of countries.
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