Remittances from Egyptians working abroad increased during July 2024 - for the fifth month in a row - at a rate of 86.8% to record about $3 billion, compared to about $1.6 billion during July 2023, according to a statement released by the Central Bank of Egypt (CBE).

Remittances also increased by 15.9% compared to the immediately preceding month, June 2024, during which they recorded about $2.6 billion.

From January to July 2024, remittances recorded an increase of 32.4% to reach about $15.5 billion, compared to about $11.7 billion during the same period of the previous year.

In September, the CBE added that Egypt's net international reserves soared to $ 46,597 billion by the end of August.

In August, the CBE reported 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.

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%.