Remittances from Egyptian abroad via IBAG hit $582mln in Q2 2024

In June, remittances from Egyptians working abroad surged by 65.9% year on year

Staff Writer, Arab Finance

August 26, 2024

PHOTO
An employee counts U.S dollar bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image used for illustrative purpose. Mohamed Abd El Ghany

Arab Finance: Remittances from Egyptians working abroad via IBAG, Western Union’s agent in Egypt, have reached $582 million during the second quarter (Q2) of 2024, the firm’s Executive Chairman Moustapha Sarhank told Asharq Business.

Marking a11% quarter-on-quarter (QoQ) increase, remittances via IBAG for Q2 2024 represent 8% of the total remittances of Egyptian expats, which amounted to $7.5 billion, Sarhank pointed out.

In June, remittances from Egyptians working abroad surged by 65.9% year on year (YoY) to around $2.6 billion from around $1.5 billion in June 2023.

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