The Central Bank of Egypt said on Tuesday that remittances from citizens working abroad grew by 45.3% on an annual basis during the first ten months of this year, recording $23.7 billion.
The Central Bank stated in a statement that the value of remittances from Egyptians working abroad during the corresponding period last year amounted to $16.3 billion.
The jump comes amid the liberalization of the pound exchange rate and the elimination of the parallel market as of last March, which ended financial transfers away from official channels.
The Central Bank added that remittances from Egyptians working abroad recorded successive jumps following the reform measures in March 2024.
He continued, “Remittances increased last October by 68.4%, reaching about $2.9 billion (compared to $1.7 billion during October 2023).”
Remittances also witnessed an 80% increase during the period between July and October 2024, reaching about $11.2 billion (compared to about $6.2 billion in the same period in 2023).
The liberalization of the Egyptian pound last March led to the conclusion of an expanded loan program from the International Monetary Fund worth $8 billion.
