Bloomberg Research indicates a decline in remittances from Egyptians working abroad since mid-2022, complicating efforts to finance the country’s trade deficit. The trend appears to be driven by people using unofficial channels for money transfers or expectations of further depreciation of the Egyptian pound. Financial markets anticipate a 5% depreciation of the local currency in the next three months and a 23% drop within a year, while analysts predict a 9% drop by Q1 2024.