{"id":638088,"date":"2024-08-08T00:00:00","date_gmt":"2024-08-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/08\/remittances-rise-66-y-o-y-in-june\/"},"modified":"2024-08-08T00:00:00","modified_gmt":"2024-08-08T00:00:00","slug":"remittances-rise-66-y-o-y-in-june","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/08\/remittances-rise-66-y-o-y-in-june\/","title":{"rendered":"Remittances rise 66% y-o-y in June"},"content":{"rendered":"

Good morning, everyone. <\/strong>We have a brisk issue for you this morning to close out one busy week. <\/p>\n

BEFORE WE DIVE IN- <\/strong>You don\u2019t want to miss this week\u2019s My Morning Routine, where we explore the Paris Olympics through the head of the Egyptian Olympic Committee's Technical Committee, Karim Akram. Read our interview with him in the news well, below. <\/p>\n

DATA POINT-<\/p>\n

<\/a> Remittances from Egyptians abroad rose 65.9% y-o-y in June<\/strong>, recording USD 2.6 bn, according to a statement (pdf)<\/a>. On a monthly basis, remittances were down 3.7%<\/a>.<\/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 had fallen 30% y-o-y in 2023 on the back of a widening gap between the official rate and parallel market pushing many to send remittances into the country outside official channels. 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

MORE OF THIS, PLEASE-<\/p>\n

<\/a> Egypt is among the top destinations for African investments<\/strong>, coming in third behind the island nations of Seychelles and Mauritius in a new report<\/a> by South Africa\u2019s Rand Merchant Bank. \u201cEgypt scores well on economic complexity, innovation, human development and income equality,\u201d according to the report. Egypt came in first in terms of economic performance and potential, while South Africa was atop the list for market accessibility and innovation. The report looked at 31 nations across Africa. <\/p>\n

WATCH THIS SPACE- <\/p>\n

Gov\u2019t sets growth targets for six years to come:<\/strong> The government sees the economy growing at a 5.5% clip during the fiscal year 2026-27 and 6.5% in 2030, according to a cabinet statement<\/a>. The Madbouly government sees the economy growing 4.2%<\/a> during the current fiscal year.<\/p>\n

<\/a> <\/p>\n

Do you want to attend our 2024 Enterprise Finance Forum on 24 September? <\/strong>Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders.<\/p>\n

Why attend? <\/strong>We\u2019re in the early days of a generational realignment of power in our industry \u2014 in our region and beyond \u2014 and on the cusp of the biggest intergenerational transfer of wealth that the world has ever seen. With that as the backdrop, we\u2019re going to take stock of where we stand six months after the float of the EGP and ask what\u2019s next for finance in our country and the wider region. Among the questions we\u2019ll be asking:<\/p>\n