The Central Bank of Egypt has announced a significant increase in remittances from Egyptians working abroad in 2024.
According to the bank's statement, remittances surged by 51.3%, reaching approximately $29.6 billion, compared to about $19.5 billion in 2023.
The data revealed that remittances experienced "successive leaps," with a remarkable doubling in December 2024, reaching nearly $3.2 billion, compared to about $1.6 billion in December of the previous year. This figure marks an unprecedented record for remittances in December.
Additionally, a 24.5% increase was recorded compared to November 2024, when remittances amounted to approximately $2.6 billion.
This historic growth in remittances reflects the continued reliance on income from Egyptians abroad as a vital source of foreign currency for the Egyptian economy.
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