{"id":631919,"date":"2024-07-08T00:00:00","date_gmt":"2024-07-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/08\/this-evening-remittances-rise-72-8-y-o-y-in-may\/"},"modified":"2024-07-08T00:00:00","modified_gmt":"2024-07-08T00:00:00","slug":"this-evening-remittances-rise-72-8-y-o-y-in-may","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/08\/this-evening-remittances-rise-72-8-y-o-y-in-may\/","title":{"rendered":"THIS EVENING: Remittances rise 72.8% y-o-y in May"},"content":{"rendered":"

Good afternoon, ladies and gentlemen, and happy Monday. <\/strong>Today is the midway mark to this shorter business week. <\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

Remittances from Egyptians abroad surged 73.8% y-o-y in May <\/strong>to USD 2.7 bn, according to a statement (pdf)<\/a> from the central bank. On a monthly basis, remittances increased for the third consecutive month, rising 26.6%. <\/p>\n

Remember: <\/strong>Egyptians abroad have started sending more of their remittances<\/a> through official channels after the float of the EGP. Remittance inflows saw a major dip over the past year or so as Egyptians abroad either held onto their money or sent it back through parallel mechanisms \u2014 remittances were down 30% y-o-y in 2023. The government said it wants to raise remittances \u2014 one of Egypt\u2019s biggest sources of FX \u2014 from Egyptian expats by 10% each year<\/a> to reach USD 53 bn by 2030.<\/p>\n

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THE BIG STORY ABROAD-<\/p>\n

All about French politics:<\/strong> France is now heading towards \u201cdifficult negotiations\u201d to form a new government after its leftist Nouveau Front Populaire (NFP) bloc scored an unexpected victory in yesterday\u2019s parliamentary election, upending Marine Le Pen\u2019s push for a far-right government. Despite coming out on top, the NFP failed to secure the majority needed to form a government. In the meantime, French President Emmanuel Macron has turned down Prime Minister Gabriel Attal's resignation, asking him to sit tight in order to maintain an orderly transition. This comes at a critical time for France, as the country prepares to host the Paris Olympics in less than three weeks. (Reuters<\/a> | AP<\/a> | Financial Times<\/a>)<\/p>\n

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