Egypt remittances jump 81% in first seven months of FY2024/2025

Remittances are a key source of revenue for Egypt, contributing significantly to the country's GDP and foreign exchange (FX) reserves. Since Egypt's economic reforms in March 2024, remittances have steadily grown for eleven consecutive months.

In January 2025, remittances' year-on-year rate rose by 83.2 percent to approximately $2.9 billion, compared to $1.6 billion in January 2024.

The CBE's Balance of Payments (BoP) data for early January revealed a substantial increase in remittance inflows by 84.4 percent, to approximately $8.3 billion, in the first quarter of FY2024/2025 (July–September 2024), compared to $4.5 billion during the same period in FY2023/2024.

Furthermore, remittances continued to rise during the first half of the 2024/2025 fiscal year (July–December 2024), increasing by 80.7 percent to approximately $17.1 billion, compared to $9.4 billion in the same period the previous year.

The Central Agency for Public Mobilisation and Statistics (CAPMAS) estimated the number of Egyptian expatriates to be 11.09 million by the end of 2023.

In late 2024, the CBE launched a new service that enables the instantaneous receipt of inbound remittances and their immediate crediting to customers' bank accounts through the CBE's Instant Payment Network (IPN).