According to the Central Bank of Egypt, the total remittances reached approximately $26.3 billion, compared to around $17.9 billion during the same period in 2023.
The BoP’s deficit was primarily driven by a sharp increase in the current account deficit, which surged to $5.9 billion from $2.8 billion in the first quarter of the previous fiscal year.
Annually, remittance inflows jumped by 45.3% in the first ten months of 2024, Minister of Investment and Foreign Trade Hassan El-Khatib revealed last week, reaching $23.7 billion, up from $16.3 billion during the same period in 2023.
This surge has positioned Egypt among the top seven countries globally in terms of remittance receipts explained Hassan El-Khatib
Despite some positive developments in Egypt's foreign currency inflows, Fitch Solutions has pointed out ongoing challenges to the country's trade deficit, particularly related to declining revenues from the Suez Canal.
