Egypt Remittances Hit $29.6 Billion in 2024 Following Economic Reform

The Central Bank of Egypt (CBE) announced that remittances - money sent home by Egyptians working abroad - continued to rise following economic reforms introduced in March 2024.

Remittance inflows doubled to approximately USD 3.2 billion in December 2024, compared to USD 1.6 billion in December 2023, setting a record for the month. In total, remittances grew by 51.3% throughout 2024, reaching USD 29.6 billion, up from USD 19.5 billion in 2023. During the first half of FY2024/2025 (July-December 2024), inflows surged by 80.7%, reaching USD 17.1 billion, up from USD 9.4 billion during the same period in 2023.

Remittances remain a crucial source of foreign exchange for Egypt. As part of its efforts to stabilise the economy, the CBE implemented measures in March 2024, including a fourth round of local currency revaluation and a 6% interest rate hike, bringing total rate increases in 2024 to 8%. The current rates now stand at 27.25% for overnight deposits, 28.25% for overnight lending, and 27.75% for main operations.

These measures have contributed to the surge in remittance inflows, stabilising the foreign exchange market and eliminating the currency parallel market.