Egypt Sees a Marked Increase in Expat Remittance Inflows
The Central Bank of Egypt reported a year-on-year growth of 76.2% in remittance inflows for July and August 2024.
Egypt has seen a surge in remittance inflows from expatriates, providing support to the country's economic stability. In August 2024, Egyptian expat remittances reached USD 2.6 billion, marking a 65.5% increase from USD 1.6 billion in the same month the previous year.
The Central Bank of Egypt (CBE) reported a year-on-year growth of 76.2% in remittance inflows for July and August 2024, totaling USD 5.6 billion compared to USD 3.2 billion in 2023. Over the first eight months of 2024, total remittances amounted to USD 18.1 billion, a 36.4% increase from USD 13.3 billion in 2023.
This upward trend in remittance inflows has been vital in stabilizing Egypt’s foreign currency reserves, which have faced pressure due to global economic challenges, inflation and currency fluctuations. The influx of remittances has also helped ease the country’s trade deficit and provided essential support to domestic households amid rising living costs.
Expatriates from the Gulf Cooperation Council (GCC) countries, the United States, and Europe are key contributors to Egypt’s foreign currency reserves through remittances. The growth in remittance inflows can be attributed to several factors, including the improved availability of digital financial channels and the strong commitment of Egyptian expatriates to support their families and contribute to the national economy.
The CBE’s measures in March, including the unification of the foreign exchange rate, have also played a role in boosting remittances by reducing the parallel currency market. According to World Bank data, Egyptian remittances are a cornerstone of the country’s economy, positioning Egypt as the leading recipient of remittances among low- and middle-income nations in Africa and the Arab world. On a global scale, Egypt ranks fifth in total remittance inflows, highlighting the importance of these financial contributions to the country’s economic resilience.
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