Central Bank of Egypt data showed that remittances from Egyptians abroad more than doubled year-on-year in September.
Remittances from Egyptians abroad recorded $2.7 billion in September, compared to $1.3 billion in the same month a year earlier. In the first nine months of the year, remittances increased 42.6 percent to about $20.8 billion, compared to about $14.6 billion in January - September 2023.
In the three months ending September, remittances rose 84.4 percent to about $8.3 billion from about $4.5 billion in the same period a year earlier. This period marks Egypt's first quarter of the fiscal year 2024-2025.
In its statement, the bank attributed this rise to "reform measures in March 2024", as a result of the central bank's decision to allow the devaluation of the currency that month.
