Furthermore, Remittances from Egyptians abroad also increased by 2.6% compared to the preceding month, March 2024, during which they recorded about $2.1 billion.
The remittances from Egyptians abroad saw an increase in April 2024. On an annual basis, these remittances grew by 43.8%, reaching approximately $2.2 billion compared to around $1.5 billion in April 2023, according to a statement by an official source at the Central Bank of Egypt (CBE).
Furthermore, Remittances from Egyptians abroad also increased by 2.6% compared to the preceding month, March 2024, during which they recorded about $2.1 billion.
In addition to the rise in remittances, the CBE announced that net foreign reserves in Egypt rose to $46.126 billion in May 2024, compared to $41.057 billion in April 2024, an increase of $5.068 billion.
It's worth noting that Egypt imports goods and products from abroad amounting to an average of $5 billion per month, with an estimated annual total exceeding $55 billion.
As a result, the current average foreign exchange reserve covers approximately 8 months' worth of merchandise imports for Egypt.
This figure is higher than the global average of approximately 3 months, ensuring that Egypt's basic and strategic commodities needs are met.
Earlier in April, Fitch Ratings expected Egypt’s foreign currency reserves to reach $49.7 billion during FY2023/2024, and $53.3 billion in FY2024/2025.
