(3 Minutes Read)
In December alone, remittances doubled to approximately USD 3.2 billion, compared to USD 1.6 billion in December 2023. This represents the highest level of inflows ever recorded for December.
Remittances climbed to approximately USD 29.6 billion in 2024, marking a 51.3% increase from USD 19.5 billion in 2023, according to a report released by the Central Bank of Egypt (CBE).Following the economic reform measures introduced in March 2024, remittance inflows experienced a remarkable boost.
In December alone, remittances doubled to approximately USD 3.2 billion, compared to USD 1.6 billion in December 2023. This represents the highest level of inflows ever recorded for December.
Additionally, remittances in December 2024 increased by 24.5% compared to the previous month (November 2024), which recorded USD 2.6 billion.
During the first half of FY2024/2025, inflows surged by 80.7%, reaching approximately USD 17.1 billion, compared to USD 9.4 billion during the same period in 2023.
Read Also:
https://trendsnafrica.com/egypts-remittances-increase-by-8-8-percent-during-9-months-of-2021/
These figures highlight the crucial role of remittances in bolstering Egypt’s foreign currency reserves and reinforcing economic stability.
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