Egypt’s Remittances Jump 81% in First Seven Months of FY 2024/2025

Remittances from Egyptians working abroad climbed to approximately USD 20 billion during the first seven months of the 2024/2025 fiscal year, reflecting an 81% increase compared to the USD 11 billion recorded during the same period the previous year, according to the latest data from the Central Bank of Egypt (CBE).

In January 2025 alone, remittances grew sharply by 83.2% year-on-year, reaching about USD 2.9 billion—up from USD 1.6 billion in January 2024. This rise continues a broader upward trend in remittance inflows observed over the past eleven consecutive months.

CBE figures also show that in the first quarter of the current fiscal year (July–September 2024), remittances reached roughly USD 8.3 billion, up 84.4% from USD 4.5 billion during the same period in FY 2023/2024. The positive momentum extended through the first half of the fiscal year (July–December 2024), with total remittances reaching around USD 17.1 billion—an increase of 80.7% from the USD 9.4 billion recorded during the same period the year before.

Remittances remain a vital pillar of Egypt’s economy, playing a key role in bolstering foreign currency reserves and contributing to overall GDP growth. The consistent increase follows major economic policy reforms introduced in March 2024, which included currency liberalisation and measures to attract foreign investment.