Egypt Daily News – Egyptian expatriates have significantly bolstered the country’s economy, with remittances reaching unprecedented levels in the first eleven months of the 2024/2025 fiscal year. According to a statement from the Central Bank of Egypt (CBE), money transfers from Egyptians working abroad soared to approximately $32.8 billion between July 2024 and May 2025 marking a remarkable 69.6% increase compared to the $19.4 billion recorded during the same period the previous year.
The surge in remittances reflects renewed confidence among the Egyptian diaspora in the country’s financial system, potentially influenced by recent economic reforms and currency stabilization efforts. The Central Bank emphasized that this performance represents a significant milestone for the Egyptian economy, providing a critical source of foreign currency amid ongoing global financial uncertainties.
The trend of rising remittances was particularly notable in the five-month period from January to May 2025. During this window alone, inflows grew by 59% year-over-year, reaching around $15.8 billion compared to $9.9 billion in the same period of 2024. This sustained growth demonstrates the increasing contribution of Egypt’s overseas workforce to the national economy.
On a monthly level, May 2025 stood out with record-breaking figures. Remittances during that month rose by 24.2% compared to May of the previous year, hitting $3.4 billion versus $2.7 billion in May 2024. The Central Bank highlighted that this is the highest amount of remittances ever recorded for the month of May.
Remittances from Egyptians abroad are considered one of the country’s most vital sources of foreign exchange, surpassing even tourism revenues and Suez Canal income in certain years. The recent surge is expected to provide a much-needed cushion for Egypt’s balance of payments and support ongoing efforts to stabilize its currency and manage external debt obligations.
Economists suggest that this momentum, if sustained, could play a significant role in alleviating pressure on foreign reserves and ensuring greater economic resilience. The government is also expected to continue engaging with the expatriate community through incentive programs and streamlined transfer channels to maintain and possibly increase this vital flow of capital.
