Remittances from Egyptians abroad soar to $20b in 7 months

Remittances from Egyptians working abroad surged to $20.0 billion during the first seven months of the 2024/2025 fiscal year, according to data released by the Central Bank of Egypt (CBE) on Tuesday.

This marks an 81 per cent increase compared to the same period last year.

The sharp rise follows a series of economic reforms implemented in March 2024, which appear to have boosted confidence among expatriates and encouraged higher inflows, the CBE noted.

In January 2025 alone, remittances jumped 83.2 per cent year-on-year to $2.9 billion, up from $1.6 billion in January 2024. This marks the highest remittance level ever recorded for the month of January.

The increase represents the eleventh consecutive month of growth in remittance flows, underscoring the critical role of overseas Egyptians in supporting the national economy amid ongoing fiscal adjustments.

Remittances are a key source of foreign currency for Egypt, helping to ease pressure on the country’s balance of payments and support its economic recovery.

Attribution: Amwal Al Ghad English