The Clap:
Remittances flowing into the economy from Egyptian immigrants totaled USD 2.2 billion in April, representing a 43.8% YoY rise and a 2.6% month-on-month increase, Youm 7 reported, citing a source from the Central Bank of Egypt familiar with the figures.
The impetus:
Following the float of the EGP in March, inflows from Egyptians residing overseas through official avenues have seen an uptick for the second straight month in April.
Remember:
Remittance inflows significantly decreased last year, seeing a 30.8% YoY dip to USD 22.1 billion, as Egyptian expats held onto their money or transferred it back using unofficial channels on the back of the country’s acute FX liquidity crunch.
In line with state targets:
One of Egypt’s main sources of foreign exchange, remittances are expected to increase by 10% annually to reach USD 53 billion by 2030.
