RIYADH: According to official figures, remittances from Egyptians employed overseas totalled over $2.6 billion in November, representing a 65.4% yearly rise. According to the country’s central bank, the increase is a result of economic reform policies put in place in March, such as the Egyptian pound’s full floating, which lets the market determine its value. This action was a component of an agreement to obtain a $8 billion loan from the International Monetary Fund with the goal of stabilising the economy.
The value of the pound fell sharply after the flotation, which raised the cost of imported commodities and fuelled greater inflation rates. In an effort to earn in stronger foreign currencies and lessen the effects of economic instability at home, more Egyptians are looking for possibilities overseas as a result of the significant decrease in the value of the pound and growing inflation.
According to the Central Bank of Egypt, remittance inflows rose 77 percent year over year between July and November, reaching around $13.8 billion, up from $7.8 billion during the same period the previous year. Between January and November of last year, the total amount of money that foreigners sent home increased by 47.1 percent annually to around $26.3 billion.
Egypt’s foreign exchange reserves, which experienced significant increases last year, depend heavily on the consistent growth in remittances, which also helps to stabilise the economy in the face of ongoing monetary and fiscal reforms.
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