Foreign reserves in Egypt rose to an all-time high, after increasing in June (June) by about $258.4 million. Central Bank of Egypt data showed net foreign reserves rose to $46.384 billion in June from $46.126 billion in May (May).
The Central Bank of Egypt revealed that remittances from Egyptians working abroad during the month of May (May) increased by 73.8 percent year-on-year, reaching about $ 2.7 billion, compared to about $ 1.6 billion during May 2023. On a monthly basis, remittances from Egyptians abroad increased by 26.6 percent, compared to April 2024, when it recorded about $ 2.2 billion. The Central Bank of Egypt attributed the increase in remittances to a new economic reform package that Egypt has been implementing since March 6, 2024.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
