CAIRO - 4 June 2024: An official source at the Central Bank of Egypt told “Youm7” that remittances from Egyptians working abroad increased during the month of April 2024 at a rate of 43.8 percent (on an annual basis) - for the second month in a row - to reach about 2.2 billion dollars (compared to about 1.5 billion dollars in April 2023).
Remittances from Egyptians abroad also increased by 2.6 percent compared to the immediately preceding month, March 2024, during which they recorded about $2.1 billion, as a result of the economic decisions on March 6, 2024.
The Central Bank of Egypt had announced that net foreign reserves had reached $41 billion at the end of April 2024, compared to about $40.36 billion at the end of March 2024, an increase of about $700 million.
Egypt imports the equivalent of an average of 5 billion dollars a month in goods and products from abroad, with an annual total estimated at more than 55 billion dollars. Therefore, the current average of foreign exchange reserve covers about 8 months of merchandise imports to Egypt, which is higher than the global average of about 3 months of merchandise imports to Egypt, ensuring Egypt’s needs for basic and strategic commodities.
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