I registered Transfers Egyptians Workers abroad amounted to about $20.8 billion during the period from January to September of this year, compared to $14.6 billion in the same period in 2023, an increase of 42.6 percent.
He consoled Central Bank Al-Masry, in a statement issued last Monday, attributed this increase to “reform measures in March 2024,” noting that transfers doubled last September to about $2.7 billion, compared to $1.3 billion in September 2023.
Remittances from Egyptians working abroad during the first quarter of the current fiscal year (July-September) witnessed an increase of 84.4 percent, recording about $8.3 billion, compared to $4.5 billion in the same period of the year 2023-2024.
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On March 6, the Central Bank of Egypt decided to liberalize the exchange rate (float the pound) for the fourth time since 2022, and the fifth since 2016, which led to an increase in the dollar exchange rate in banks from about 30.95 pounds to 49.65 pounds currently.
Remittances from workers abroad are considered the largest source of foreign currency in Egypt, followed by exports, tourism, and revenues Suez Canal.
Exploitation of Egyptians abroad
Egyptians working abroad deposited their money in hard currency in accounts outside the country with transfer brokers, in exchange for delivering it to their families at home in pounds via a delivery representative, by applying the transfer rate applied on the black market. before Flotation Recently, the exchange rate of the dollar on the unofficial market reached about 70 pounds.
The dollar has risen daily in banks by a value ranging between five and ten piasters, since the visit of International Monetary Fund Director Kristalina Georgieva to Cairo, as part of the procedures for the fourth review of the economic reform program.
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These measures aim to pave the way for the release of a $1.3 billion tranche of the Fund’s loan provided to Egypt, totaling eight billion dollars.
Last Thursday, the Central Bank maintained the main interest rate on deposits at 27.25 percent, on lending at 28.25 percent, and on the credit and discount rates at 27.75 percent, for the fifth time in a row, in light of the high inflation rates in the country.
