Egypt remittances fell 14.7% in July despite 2022 growth

RIYADH: Egypt remittances dropped 14.7 percent in July compared to the same period last year, coming in at $2.38 billion, according to the Central Bank of Egypt data.

Remittances from Egyptians working abroad are one of the most important sources of foreign exchange for the country, along with tourism, the Suez Canal, and exports. 

The drop comes as the exchange rate of the Egyptian pound is seeing a decline in light of the pressures the country is experiencing due to the Ukrainian war repercussions and the decline in foreign reserves at the Central Bank.