$500 million decrease in remittances from overseas Egyptians in the first 8 months of 2022

The Central Bank of Egypt has revealed that remittances from Egyptians working abroad recorded about $20.9 billion in the period from January to the end of August 2022, compared to about $21.4 billion in the same period in the previous year, recording a decline of $500 million, a decline of approximately 2.33%.

According to the data, transfers in August 2022 totaled about $2.2 billion, compared to about $2.4 billion in July 2022, a decline of about 8.3%.

Read more: The price of the dollar in Egypt continues to beat new record against the pound

Remittances from Egyptians working abroad increased during the 2021-2022 fiscal year, by 1.6%, to record about $31.9 billion, up from about $31.4 billion during the year fiscal year 2020-2021.

Earlier this November, the Central Bank of Egypt announced that net international reserves amounted to US$33.411 billion at the end of October 2022, an increase of about US$213 million month-on-month.

Due to the shortage of the dollar, the Central Bank of Egypt announced several measures during its extraordinary meeting held in the last week of last month. During the meeting, it was decided to start implementing the Egyptian pound orbital floating policy, which caused the Egyptian pound to lose about 55.8% of its price against the US dollar.

During the meeting, the Monetary Policy Committee of the Central Bank of Egypt decided to increase the deposit and loan rates and the main transaction price by 2%, to reach 13.25%, 14.25% respectively and 13.75%.

Read more: The black market for dollars in Egypt is disappearing in this moment!

Read More About: Business News