International Courant
The Central Financial institution of Egypt (CBE) introduced an 86.8 p.c enhance in remittances from Egyptians working overseas in July, for the fifth consecutive month, reaching $3 billion in comparison with round $1.6 billion in July 2023 – an unprecedented enhance for the month of July.
The CBE mentioned in a press release on Monday that remittances rose 15.9 p.c in comparison with the earlier month, June, once they amounted to about $2.6 billion.
Remittances from Egyptians working overseas confirmed a 32.4 p.c enhance within the first seven months of this yr, from January to July 2024, reaching a complete of $15.5 billion, in comparison with round $11.7 billion in the identical interval final yr.
The CBE reported final month that remittances from Egyptians working overseas elevated for the fourth consecutive month in June 2024, by 65.9 p.c, reaching about $2.6 billion, in comparison with about $1.5 billion in June 2023.
It was famous that remittances greater than doubled in comparison with the interval earlier than the March 6 reform measures.
In response to the financial institution, remittances from Egyptians overseas elevated by 61.4 p.c from April to June, amounting to round $7.5 billion, in comparison with round $4.6 billion in the identical interval in 2023.
Banking knowledgeable Mohamed Abdel-Aal attributed the rise to a number of elements.
A very powerful of those is the elevated confidence of overseas and Egyptian merchants and traders within the Egyptian pound, following the liberalization and equalization of the alternate price, the disappearance of the parallel market and the rise within the rate of interest on the Egyptian pound as a part of the Central Financial institution’s financial reform choices.
He added that the steadiness of the alternate price and the success of the financial coverage linked to rates of interest ensured that financial savings devices and certificates provided distinctive returns, making these financial savings one of many foremost targets for Egyptian savers working overseas.
CBE broadcasts 87% enhance in remittances from Egyptians working overseas
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