Remittances from Egyptians Abroad Drop 30% to $4.5 Bln

The Central Bank of Egypt (CBE) revealed a decline in remittances from Egyptians working abroad at a rate of 29.9% during the first quarter of the FY2023/24 or the third quarter of 2023.

CBE explained in a report issued  Friday that remittances from Egyptians working abroad fell to about $4.5 billion during the three months from July to September 2023, compared to about $6.4 billion, year-on-year.

The central bank announced that the Egyptian economy’s transactions with the outside world during the Q1 of FY2023/24 resulted in a total surplus in the balance of payments (BoP) amounting to $228.8 million, compared to a total surplus of $523.5 million during the same period of the previous fiscal year, a decline of 56.3%.

The bank stated in its report on the balance of payments that the current account deficit recorded an improvement of 12.1% to be limited to about $2.8 billion, compared to about $3.2 billion, as a primary result of the decline in the trade balance deficit by 12.7% to be limited to about $7.9 billion.