Egypt Daily News – Remittances from Egyptians working abroad continued to achieve successive leaps following the reform measures in March 2024. They doubled in December, reaching approximately $3.2 billion (compared to around $1.6 billion in December 2023). These inflows were unprecedented for the month of December in any previous year.”
“They also increased compared to the previous month (November 2024) by 24.5%, reaching approximately $2.6 billion.
Additionally, remittances during the first half of the 2024/2025 fiscal year (July–December 2024) saw an 80.7% increase, reaching approximately $17.1 billion (compared to about $9.4 billion during the July–December 2023 period).
For the calendar year 2024, remittances recorded a 51.3% increase, reaching approximately $29.6 billion (compared to about $19.5 billion in the previous year, 2023).”
Egyptian expats’ remittances are a key contributor to Egypt’s GDP and foreign exchange (FX) inflows, along with tourism, the Suez Canal, and export revenues.
They account for over seven percent of the country’s GDP, according to the CBE.
The Balance of Payments (BoP) data released by CBE early in January showed a surge in remittance inflows. They grew by 84.4 percent to $8.3 billion in the first quarter of FY2024/2025 (July-September 2024), up from $4.5 billion in FY2023/2024.
Egypt is currently engaging in an Extended Fund Facility (EFF) loan programme with the International Monetary Fund (IMF) that was approved in December 2022 and will conclude in September 2026.
