Egyptian expat remittances soar 51.3% in 2024, Dec sees historic high

Egypt has recorded a remarkable 51.3 per cent surge in remittances from Egyptians working abroad in 2024, reaching $29.6 billion from $19.5 billion in 2023, according to the latest central bank data released on Monday.

This surge reflects renewed confidence in the economy following the government’s key reform measures introduced in March 2024.

December 2024 witnessed an unprecedented spike, with remittances doubling to $3.2 billion, compared to $1.6 billion in December 2023. This marks the highest December inflow on record. The increase also represents a 24.5 per cent jump from November 2024, when remittances stood at $2.6 billion.

The positive momentum carried through the first half of the 2024/2025 fiscal year (July – December 2024), with remittances climbing 80.7per cent to reach $17.1 billion, from $9.4 billion during the same period in 2023.

The sharp increase in remittance inflows underscores the growing stability of Egypt’s financial landscape and the impact of recent economic policies in strengthening foreign currency reserves and economic growth.

Attribution: Amwal Al Ghad English