The Central Bank of Egypt (CBE) announced on Tuesday that remittances from Egyptians working abroad hit an unprecedented $36.5bn in the fiscal year 2024/25, up from $21.9bn in 2023/24 — a surge of 66.2%.
The CBE noted that inflows rose strongly in the final quarter of FY2024/25 (April–June), climbing 34.2% to around $10bn compared with $7.5bn in the same period a year earlier. June alone saw a historic record, with transfers jumping 40.7% to $3.6bn, the highest monthly level ever.
Prime Minister Mostafa Madbouly praised Egyptians abroad for their continued support, saying their remittances remain a crucial source of foreign currency for the economy. Speaking earlier this month at the Egyptians Abroad Conference, Madbouly stressed that these inflows have helped bolster the government’s reform agenda, including the Central Bank’s adoption of a flexible exchange rate and broader economic reform measures.
Banking expert Mohamed Abdel Aal highlighted the central role of remittances as one of Egypt’s largest traditional sources of foreign exchange, essential for financing imports, settling foreign trade obligations, and reinforcing reserves. He added that the surge reflects the loyalty of Egyptians abroad and their contribution to sustainable economic development, noting the stabilising impact on the currency and financial markets.
Abdel Aal attributed the turnaround primarily to the CBE’s March 6, 2024 decision to liberalise the exchange rate, which eliminated the black market and unified rates, redirecting flows through the official banking system.
To sustain this momentum, he said Egypt must preserve a fully flexible exchange rate, expand digital and low-cost transfer channels, and develop tailored banking products and incentives for expatriates.
