Remittances saw a more than twofold increase compared to their pre-reform levels following the measures implemented on March 6, 2024. In February 2024, remittances were restricted to approximately $1.3 billion.
Remittances from Egyptians working abroad increased by 65.9% during June 2024, for the fourth month in a row, to record about $2.6 billion compared to about $1.5 billion during June 2023, according to a report released by the Central Bank of Egypt (CBE).
Remittances saw a more than twofold increase compared to their pre-reform levels following the measures implemented on March 6, 2024. In February 2024, remittances recorded $1.3 billion.
During the period from April to June 2024, remittances also witnessed an increase of 61.4%, recording about $7.5 billion, compared to about $4.6 billion during the corresponding period.
Recently in August, the CBE stated that Egypt's net international reserves soared to $46.49 billion by the end of July, registering an increase of around $110 million compared to June’s $46.38 billion.
Foreign currency reserves dipped slightly from $36.9 billion in June to $36.3 billion last month.
In March, In a special meeting, the Monetary Policy Committee (MPC) of the CBE raised the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 600 basis points to reach 27.25%, 28.25%, and 27.75%, respectively. Additionally, the discount rate has been raised by 600 basis points to 27.75%.
