The Egyptian pound continued its recovery journey against the US dollar and the basket of global and Arab currencies, as the Egyptian currency continued to stabilize below 49 against the US currency in all Egyptian banks after exceeding this level weeks ago.
This comes in conjunction with the Central Bank of Egypt’s announcement that remittances of workers abroad amounted to $ 3 billion during July 2024, a significant increase of 86.8% compared to about $ 1.6 billion in July 2023.
The bank pointed out that remittances from Egyptians working abroad rose in July 2024 for the fifth consecutive month, which is unprecedented this month since the start of recording data related to remittance flows from abroad.
Remittances also witnessed an increase of 15.9% compared to June 2024, when it recorded about $ 2.6 billion.
During the first seven months of 2024 (January-July), remittances from Egyptians abroad increased by 32.4% to reach $15.5 billion, compared to $11.7 billion during the same period last year.
In a related context, Egypt’s net foreign reserves increased by about $ 108 million in August 2024.
The central bank reported that foreign reserves stood at $46.597 billion in August, compared to $46.489 billion in July.
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The price of the US dollar in Egypt continued its movement below the 49th level against the Egyptian pound in Egyptian banks at the end of trading today.
The highest price of the dollar against the Egyptian pound was recorded at the Industrial Development Bank, reaching levels of 48.37 for buying and 48.47 for selling.
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