Doubling of Remittances Boosts Egypt’s Economy
The Central Bank of Egypt has reported a significant increase in the remittances sent by workers abroad, with figures reaching $3.2 billion in December alone. This marks a notable turnaround in the financial data, revealing an impressive 51.3% growth rate for the year 2024, with total remittances projected to approximate $29.6 billion.
In addition, the uptick in financial transfers from expatriates has continued into the first half of the current fiscal year, soaring by 80.7%. The total remittances during this period amounted to around $17.1 billion, a stark rise compared to $9.4 billion recorded during the same timeframe last fiscal year.
This robust growth in remittances underscores the critical role that expatriate contributions play in bolstering Egypt’s economy and supporting foreign exchange reserves, illustrating a positive trend amidst evolving economic conditions.
