Egypt’s Central Bank Reports $26 Billion in Remittances in 11 Months

General view of the new headquarters of the Central Bank of Egypt, at the New Administrative Capital (NAC) in the east of Cairo, Egypt, March 18, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
General view of the new headquarters of the Central Bank of Egypt, at the New Administrative Capital (NAC) in the east of Cairo, Egypt, March 18, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
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Egypt’s Central Bank Reports $26 Billion in Remittances in 11 Months

General view of the new headquarters of the Central Bank of Egypt, at the New Administrative Capital (NAC) in the east of Cairo, Egypt, March 18, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
General view of the new headquarters of the Central Bank of Egypt, at the New Administrative Capital (NAC) in the east of Cairo, Egypt, March 18, 2024. REUTERS/Mohamed Abd El Ghany/File Photo

The Central Bank of Egypt (CBE) has announced that November 2024 saw a substantial 65.4% year-over-year increase in remittances, which reached approximately $2.6 billion compared to $1.6 billion in November 2023.

In a statement released on Wednesday, the bank said there has been a remarkable rise in remittances, with Egyptians working abroad sending home $26.3 billion during the first 11 months of 2024—up from $17.9 billion in the same period of 2023. This marks an impressive growth rate of 47.1%.

The CBE attributed the significant increase in remittances to the economic reforms implemented in March 2024.

Between July and November last year, remittances grew by 77%, reaching around $13.8 billion —up from $7.8 billion in the same period of 2023.

Remittances from Egyptians abroad have long been one of Egypt’s most vital sources of foreign currency.



China's SAIC, Huawei to Partner in Developing New Smart EVs

FILE - Chinese men hand out national flags during national day holidays near a Huawei pop up store in Beijing, Oct. 2, 2024. (AP Photo/Ng Han Guan, File)
FILE - Chinese men hand out national flags during national day holidays near a Huawei pop up store in Beijing, Oct. 2, 2024. (AP Photo/Ng Han Guan, File)
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China's SAIC, Huawei to Partner in Developing New Smart EVs

FILE - Chinese men hand out national flags during national day holidays near a Huawei pop up store in Beijing, Oct. 2, 2024. (AP Photo/Ng Han Guan, File)
FILE - Chinese men hand out national flags during national day holidays near a Huawei pop up store in Beijing, Oct. 2, 2024. (AP Photo/Ng Han Guan, File)

Chinese automaker SAIC Motor said on Friday it would partner with tech company Huawei to develop new "globally competitive" smart electric vehicles.
The tie-up sees yet another state-owned automaker betting on partnerships with Huawei, which has risen to prominence as a supplier of smart driving technologies, to boost EV sales, Reuters reported.
"The strategic cooperation between SAIC and Huawei will further leverage their respective advantages and promote China's automotive industry to a new level in the intelligent era," SAIC said in the statement.
The deal signed on Friday provides for the two companies to cooperate strategically on manufacturing, supply chain management and sales services, SAIC said in a statement, without revealing the marquee of the co-developed lineup.
The state-owned automaker reported a decline of 20% last year in overall vehicle sales, amid a brutal price war and bruising competition in the world's largest auto market.
Its venture with Volkswagen saw sales down 5.5% while SAIC-GM's sales slumped 56.5%.
SAIC, hit with the EU's steepest extra tariffs of 35.3%, also suffered a slide of 14% in overseas shipments in 2024.
The deal adds to Huawei's expanding partnerships with state-owned automakers such as Changan, Dongfeng and BAIC Motor.
Changan set up a joint venture with Huawei and battery maker CATL in 2022 to make Avatr EVs, the sales of which more than doubled in 2024 on the year.
Dongfeng-backed Seres more than tripled its annual sales of Aito-branded cars in 2024, with the best-selling models equipped with Huawei's advanced driver assistance systems and sold in the tech firm's showrooms nationwide.
Huawei and BAIC launched their first EV under the joint brand Stelato in August.