Latest news with #remittances
Zawya
a day ago
- Business
- Zawya
Remittances from Egyptians abroad hit $32.8bln in 11 month
Arab Finance: Remittances from Egyptians working abroad amounted to around $32.8 billion during the period from July 2024 to May 2025, an annual leap of 69.6% from $19.4 billion, as per a statement from the Central Bank of Egypt (CBE). In the first five months of 2025, remittances jumped by 59% year-on-year (YoY) to approximately $15.8 billion, compared to $9.9 billion. In May 2025, remittances increased by 24.2% YoY to nearly $3.4 billion, versus $2.7 billion. The CBE previously announced that remittances from Egyptians working abroad jumped by 77.1% YoY during the first 10 months of fiscal year (FY) 2024/2025, recording $29.4 billion from $16.6 billion. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Arab News
a day ago
- Business
- Arab News
Egypt records 69.6% YoY rise in remittances
RIYADH: Remittances from Egyptians working abroad rose by 69.6 percent year on year between July and May of the 2024-25 fiscal period, reaching a record $32.8 billion, new figures showed. Data released by the country's central bank show that remittances in May increased 24.2 percent annually to reach about $3.4 billion, representing the highest level of inflows ever recorded in the fifth month of the year, according to a statement. The sharp increase underscores growing confidence among expatriates in the country's financial system and reflects a broader improvement in Egypt's external economic position. This improvement is also linked to recent measures to stabilize the exchange rate and promote formal remittance channels. These policies have contributed to Egypt's net international reserves rising to $48.5 billion at the end of May, up from $47.8 billion in March. In a statement, the central bank noted: 'Likewise, remittances increased during the period January/May 2025 by 59 percent YoY to record around $15.8 billion (compared to about $9.9 billion).' The rebound in remittance flows comes amid broader economic reforms pursued under an International Monetary Fund-backed stabilization program. These reforms have bolstered Egypt's foreign currency position and helped attract more international capital. In May, Prime Minister Mostafa Madbouly announced that Egypt recorded real gross domestic product growth of 3.9 percent during the first half of the fiscal year. Private sector investment surged by 80 percent, while foreign direct investment rose by around 17 percent. Inflation, however, remains a key challenge. The annual urban headline inflation rate accelerated to 16.8 percent in May, up from 13.9 percent in the previous month, mainly driven by continued pressure on non-food prices. These inflation trends come as Egypt's broader economic landscape continues to be shaped by both domestic and global pressures. The government is navigating a delicate recovery amid external shocks, ongoing structural reforms, and efforts to manage public debt. In February, Moody's affirmed Egypt's 'Caa1' long-term foreign and local currency ratings with a positive outlook, citing improved debt servicing capacity, higher reserves, and falling borrowing costs. The ratings agency noted that recent currency devaluation and flotation helped boost foreign exchange reserves and reduce debt vulnerabilities. While a 'Caa1' rating denotes high credit risk, the positive outlook reflects the government's efforts to control inflation and stabilize interest rates. Egypt's credit rating is much lower than that of its Middle East and North African neighbors, such as Saudi Arabia, which was ranked Aa3 with a stable outlook in November, and the UAE, which was rated Aa2 in the same month.
Finextra
a day ago
- Business
- Finextra
DLocal to support RizRemit payouts in Africa and Asia
dLocal (NASDAQ: DLO), the leading cross-border payment platform specializing in emerging markets, has joined forces with RizRemit, a fast-growing digital remittance provider, to support its payout operations in key African and Asian corridors. 0 When remittances fuel entire economies, delays and rigid systems don't just slow transfers—they disrupt everyday life. According to the World Bank, remittances account for 3% or more of GDP in over 60 countries, making fast, flexible access to payment methods on both ends not just helpful, but essential. Through a single integration with dLocal, RizRemit is gaining the tools to make delivery simpler and more in tune with how people actually move money. Backed by this infrastructure, RizRemit can provide its users access to domestic bank rails and popular eWallets like OPay in Nigeria or JazzCash and EasyPaisa in Pakistan—ensuring recipients receive funds through the channels they trust and use. The result is lower operational complexity, faster settlement times, and greater flexibility without compromising reliability. 'Remittances are a lifeline for our users and their families', said Muhammad Rizwan Javeed, CEO at RizRemit. 'To serve their needs, we have to offer options that work reliably. dLocal gives us access to local rails that make sending money faster and more intuitive, while keeping operations simple on our side.' 'RizRemit's focus on high-efficiency remittance flows aligns with our strengths in local infrastructure,' said Martin Sapiurka, Head of Remittances at dLocal. 'Together, we're improving how cross-border payouts are made by connecting directly to the systems people rely on every day.'
bnok24
2 days ago
- Business
- bnok24
Remittances from Egyptians Abroad Record USD 32.8 Billion During the Period July/May of FY 2024/2025
During the period July/May of FY 2024/2025, remittances from Egyptians working abroad recorded a significant leap. The remittances rose by 69.6%, reaching about USD 32.8 billion (compared to around USD 19.4 billion during the same period a year earlier) Likewise, remittances increased during the period January/May 2025 by 59% YoY to record around USD 15.8 billion (compared to about USD 9.9 billion) On a monthly basis, remittances in May 2025 rose by 24.2% YoY to register about USD 3.4 billion, representing the highest level of inflows ever recorded in May (compared to around USD 2.7 billion) Google News تابعونا على تابعونا على تطبيق نبض Remittances from Egyptians Abroad جاري التحميل ...
Zawya
3 days ago
- Business
- Zawya
Egypt quarterly current account deficit eases to $2.1bln on higher remittances
DUBAI: Egypt's current account deficit narrowed to $2.1 billion in January to March 2025 from $7.5 billion in the same period a year earlier, the central bank said on Tuesday. The central bank attributed the slimmer deficit to the increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to higher tourism revenue. Oil exports declined to $1.2 billion, from $1.4 in the year earlier, while imports of oil products rose to $4.8 from $3.4 billion. Egypt has sought to import more fuel oil and liquefied natural gas this year to meet its power demands after disruptions to gas supply led to blackouts over the last two years. Concerns over supplies increased after the pipeline supply of natural gas from Israel to Egypt decreased during Israel's air war with Iran last month. Revenues from the Suez Canal, declined to $0.8 billion in the third quarter of the country's financial year, from $1 billion the same time a year ago, as Yemeni Houthis' attacks on ships in the Red Sea continued to cause disruption. The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza. Meanwhile, Egypt's tourism revenues reached $3.8 billion, compared to $3.1 billion in the same period in 2023/24. Remittances from Egyptians working abroad increased to $9.3 billion, from $5.1 billion. The increase in remittances has helped to reduce the wider trade deficit. Foreign direct investment hit $3.8 billion, compared to $18.2 billion in the same quarter a year before. Egypt has suffered an economic crisis exacerbated by a foreign currency shortage, which forced it to undergo economic reforms under an $8 billion IMF programme that included allowing its pound to depreciate sharply last year. (Reporting by Ahmed Elimam and Tala Ramadan, Writing by Jaidaa Taha, Editing by Louise Heavens, Bernadette Baum and Barbara Lewis)
