Egyptian expatriates’ remittances rise 42 pct in first 9 months of 2024

CAIRO, Nov. 25 (Xinhua) — Remittances from Egyptian expatriates increased by 42 percent in the first nine months of 2024, reaching 20.8 billion U.S. dollars compared to 14.6 billion dollars during the same period last year, the Central Bank of Egypt (CBE) said on Monday.
In September alone, remittances rose to 2.7 billion dollars, up from 1.3 billion dollars in the same month in 2023, the CBE noted.
The central bank attributed the sharp increase to the country’s ongoing economic reform measures aimed at boosting financial stability.
Official data indicates that around 13 million Egyptians live and work abroad, primarily in Gulf nations.
Remittances, alongside revenues from the Suez Canal, the tourism industry, and foreign investment, are key contributors to Egypt’s foreign currency reserves, helping to support the North African nation’s economy. ■