Egyptian expatriate remittances increase 10-fold

$1.7 billion in goods released at Egyptian ports in first 10 days of March, signals improvement in economy.

The Minister of Finance in the Egyptian government, Mohamed Maait, said that they are working to speed up the release of goods at ports, with the value of goods released in the first ten days of March reaching $1.7 billion. This is part of an effort to alleviate the cost of living for citizens.

The Central Bank of Egypt’s recent decisions have had a positive impact on the exchange rate, with remittances from Egyptians abroad increasing tenfold and the amount of dollars surrendered by citizens to the bank’s exchange company increasing 20-fold.

According to Mohamed El-Etreby, President of the Union of Banks in Egypt and President of Banque Misr, all waiting lists for foreign currency at banks operating in Egypt have been met, and there is great stability in the foreign exchange market and a change in the way investors and foreigners view the Egyptian economy.

In other news, a recent report issued by the Egyptian Statistics Authority revealed that Egypt’s imports of cars increased in December 2023, with the value of passenger car imports reaching $214.82 million, compared to $160.736 million in December 2022, an increase of about $54.084 million.

A report issued by the Egyptian Compulsory Vehicle Insurance Association for February 2024 showed that the number of motorcycles that were registered and obtained insurance documents reached 14,538 motorcycles.

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