Egypt’s PM, CBE governor review latest positive economic indicators
Egypt's expat remittances hit all-new high in Dec
Prime Minister Moustafa Madbouly met with Central Bank of Egypt (CBE) Governor Hassan Abdalla on Monday to review Egypt’s economic performance, highlighting the recent sharp rise in foreign reserves and record-breaking remittance inflows.
Egypt’s net foreign reserves increased to $47,265.3 in January compared to $47.109 billion December 2024, reflecting stronger economic stability.
According to Cabinet spokesperson Mohamed El-Hammasy, the key highlight of the meeting was the remarkable 51.3 per cent surge in remittances from Egyptians abroad, which jumped to $29.6 billion in 2024, up from $19.5 billion in 2023. This surge marks one of the highest remittance inflows in Egypt’s history and comes amid economic reforms introduced in March 2024.
The two officials credited the increase to the flexible exchange rate regime, which encouraged expatriates to send money through official banking channels.
Additionally, the meeting addressed government-central bank coordination to ensure sufficient financial resources for securing essential goods and industrial production inputs, reinforcing Egypt’s economic resilience in 2024.
Attribution: Amwal Al Ghad English
AfDB 2023