The Central Bank of Egypt on Wednesday announced a significant increase in remittances from Egyptians abroad, reaching $26.3 billion from January to November 2024.
The bank added in a statement that remittances from Egyptians working abroad continued to achieve successive leaps following the reform measures taken in March 2024.
They increased during November 2024 by 65.4 percent to reach about $2.6 billion, compared to about $1.6 billion during November 2023.
Remittances from July to November 2024 increased by 77 percent to reach about $13.8 billion, compared to about $7.8 billion.
January to November 2024 saw an increase of 47.1 percent to reach about $26.3 billion, compared to about $17.9 billion in the same period of the previous year.
Remittances from Egyptians abroad are one of the largest sources of foreign currency inflows to Egypt.
They witnessed a sharp decline in recent years due to the gap between the official dollar price and the parallel market, before the reforms of last March.
Egyptian remittances jump 47% to $26.3 billion Egypt Independent.
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