According to recently released data from the Ministry of Planning and Economic Development, remittances from Egyptians working abroad have experienced a drop of 29.22%, with remittances amounting to $4.52 billion during the July-September period, compared to $6.39 billion in the corresponding period of the previous year.

The data further reveals that Egyptian remittances witnessed a decrease of 2% in the first quarter of the fiscal year (FY) 2023/2024, amounting to $4.523 billion. This figure is in comparison to the remittance value of $4.616 billion recorded in the last quarter of the previous fiscal year, spanning from March to June of the current year.

It is worth noting that during the FY21/22, the total value of remittances reached approximately $31.9 billion, emphasizing the economic impact of these funds on the country as remittances is one of Egypt’s main sources of foreign currency. In FY22/23, remittances decreased by 30.8% to reach $22.1 billion.