Remittances of Egyptians working abroad declined on a monthly basis, by 13.3%, from about $ 3 billion in July 2024 to $ 2.6 billion in August, recording an increase of 62.5% year-on-year, recording about $ 1.6 billion in August of 2023.
According to the Central Bank of Egypt, the first eight months of 2024 recorded an increase of 36.4% compared to the same period in 2023, as remittances from Egyptians abroad amounted to about $ 18.1 billion compared to $ 13.3 billion, an increase of $ 4.8 billion.
Last March, the Central Bank of Egypt decided to float the pound for the fourth time since 2022, raising the exchange rate of the dollar against the pound from about 31 pounds to about 50 pounds and about 49.3 pounds currently. Remittances from Egyptians abroad represent the country's largest source of foreign currency, followed by exports, tourism, and Suez Canal revenues.
