Remittances Recorded $2.9 Billion in October 2024
Data from the Central Bank of Egypt on Tuesday showed that remittances from Egyptian expatriates increased by 68.4% year-on-year in October 2024.
The bank said in a statement, a copy of which was obtained by "Al Arabiya Business," that remittances from Egyptians abroad reached $2.9 billion in October 2024, compared to $1.7 billion in the same month last year.
During the first ten months of the year, remittances increased by 45.3%, reaching approximately $23.7 billion, compared to around $16.3 billion in the period from January to October 2023.
In the four months ending in October 2024 (July to October), remittances rose by 80% to about $11.2 billion, compared to approximately $6.2 billion in the same period the previous year.
The fiscal year in Egypt begins in July and ends in June of the following year.
The bank attributed this increase to "the reform measures in March 2024," referring to its decision to allow the currency to devalue during that month.
