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Import backlog clearing, remittances soaring

Around USD 3 billion of goods have been released and remittances witnessed a tenfold surge

At the Ports:

Efforts to alleviate port backlogs are in full swing, with Prime Minister Madbouly announcing during Wednesday’s cabinet meeting that approximately USD 3 billion worth of goods have been cleared from ports in recent days.

Meanwhile, Finance Minister Mohamed Maait disclosed that the state has liberated about USD 1.7 billion worth of essential commodities and production materials over the past 10 days.

On the Remittance Front:

There’s been a seismic shift since the shifting of the EGP to a flexible exchange rate regime. Banque Misr Chairman Mohamed El Etreby disclosed to Extra News that Egypt-bound transfers from Egyptian expats have surged tenfold.

Some Context:

Overall remittances experienced a 30% YoY decline in 2023, totaling USD 22 billion, attributed to expats holding onto their funds or utilizing alternative transfer channels.

Now What:

Looking ahead, the government aims to incrementally boost remittances from Egyptian expats by 10% annually, with a target of reaching USD 53 billion by 2030.