Egypt reports 82.7-pct surge in expatriates' remittances over 9 months
CAIRO, June 4 (Xinhua) -- Remittances from Egyptians working abroad increased by 82.7 percent from July 2024 to March 2025, reaching approximately 26.4 billion U.S. dollars, the Central Bank of Egypt (CBE) said in a report on Wednesday.
The report said the remittances continued its upward trend and recorded an unprecedented historical leap year-on-year.
Remittances from Egyptian expatriates in March rose by 63.7 percent year-on-year to 3.4 billion dollars, compared with 2.1 billion dollars in the same month last year, the CBE noted.
Karim al-Omda, Egyptian economic expert and lecturer at the Arab Academy for Science, Technology and Maritime Transport, told Xinhua that the surge in remittances is attributed to the economic reforms that Egypt has implemented since March 2024.
An economic crisis characterized by currency devaluation and foreign exchange shortages prompted the Egyptian government to implement a series of economic reforms in 2024, such as the liberalization of the exchange rate, subsidy reforms, and privatization initiatives. These measures restored confidence among Egyptian expatriates, leading to a sharp rise in remittance inflows. The CBE also introduced appealing financial instruments tailored for Egyptians abroad.
Remittances constitute a key source of Egypt's foreign currency reserves.
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