Egyptian Remittances Hit Historic High of $32.6 Billion Following Currency Devaluation

The Central Bank of Egypt (CBE) has announced that remittances from Egyptians working abroad soared to an all-time high of approximately $32.6 billion between March 2024 and February 2025. This reflects a remarkable 72.4 percent increase—or an additional $13.7 billion—compared to the same period a year earlier.

In February 2025 alone, remittance inflows surpassed $3 billion for the second month in a row, more than doubling the $1.3 billion recorded in February 2024. This marks the highest remittance level Egypt has ever witnessed during this time of year.

The surge follows a pivotal monetary policy decision made in March 2024, when the CBE allowed the Egyptian pound to depreciate by nearly 40 percent against the US dollar, reaching around 50 EGP per dollar. This move was part of a transition to a flexible exchange rate system based on market-driven supply and demand.