Remittances from Egyptians living abroad reached a record high of $32.6 billion between March 2024 and February 2025, the Central Bank of Egypt (CBE) said.
The recovery in remittances reflects renewed confidence among Egyptian diasporas in the country’s economic trajectory.
This 72.4 per cent increase over the previous year (an increase of $13.7 billion) is attributed to the economic reforms launched in March 2024.
According to the CBE statement, remittances in February 2025 alone reached approximately $3 billion, up from $1.3 billion a year earlier, setting a new monthly record for the country.
This also marked the 12th consecutive month of growth in remittance flows. Expatriate remittances now represent one of Egypt’s main sources of foreign currency, alongside tourism, exports and revenues from the Suez Canal.
They peaked at $31.9 billion in the 2021/2022 fiscal year before falling to $22.1 billion in 2022/2023, due to the combined effects of Covid 19 pandemic, job losses abroad, exchange rate instability and the rise of a parallel dollar market.
This dramatic recovery comes as the government has implemented a series of measures aimed at restoring confidence in the national economy, stabilizing the Egyptian pound, and encouraging foreign capital flows.
Egypt is moving up the global ranking of remittance-receiving countries, now ranking 5th behind India, Mexico, China and the Philippines.
SL/Sf/ac/fss/gik/APA