Egyptian remittances surge 50% in 1st half of 2025

The inflows reached $23.2 billion between January and July, up from $15.5 billion a year earlier, an increase of 49.7 percent, according to a statement by the Central Bank of Egypt (CBE).

In July alone, remittances hit a record $3.8 billion, up 26.3 percent from $3 billion in July 2024.

Remittances are one of Egypt’s main sources of foreign currency, alongside tourism, Suez Canal revenues, and foreign direct investment, and are a key pillar for its economic stability and growth.

In recent months, Egypt has witnessed a rise in remittances from expats.

The sharp rise is largely attributed to the flexible exchange rate system adopted by the CBE in March 2024.

The reform, which included a significant devaluation of the Egyptian pound, allowed market forces to determine the currency’s value and was part of an IMF-backed economic programme.

For the full year of 2024, remittances rose 51.3 percent to about $29.6 billion, up from around $19.5 billion in 2023.

The unified exchange rate has largely eliminated the black market, redirecting a massive flow of foreign currency into official reserves. 

Egypt’s net international reserves hit a record $47.1 billion by the end of December 2024, up from $35.2 billion in 2023.

The number of Egyptian expatriates reached 11.09 million by the end of 2023, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).