CAIRO - 9 September 2024: In July 2024, remittances from Egyptians working abroad surged for the fifth consecutive month, skyrocketing by 86.8% to approximately $3 billion, up from about $1.6 billion in July 2023, as per the Central Bank of Egypt (CBE).
Moreover, compared to June 2024, remittances rose by 15.9%, reaching about $2.6 billion.
From January to July 2024, remittances witnessed a substantial increase of 32.4%, totaling around $15.5 billion, in contrast to about $11.7 billion during the same period in the prior year.
The CBE announced in September that Egypt's net international reserves had climbed to $46.597 billion by the end of August, following a rise from $46.49 billion in July to $46.38 billion in June.
In March, during a special meeting, the Monetary Policy Committee (MPC) of the CBE hiked the overnight deposit rate, the overnight lending rate, and the main operation rate by 600 basis points, reaching 27.25 percent, 28.25 percent, and 27.75 percent, respectively. Additionally, the discount rate was raised by 600 basis points to 27.75 percent.
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