Remittances from Egyptian abroad soars, bringing in $26.3B during first 11 months of 2024
Cairo – January 29, 2025: Total remittances during the first 11 months of 2024 saw a significant surge, climbing by 47.1 percent, according to the Central Bank of Egypt's (CBE) latest numbers.
The total remittances reached approximately $26.3 billion, compared to around $17.9 billion during the same period in 2023. This rise follows the implementation of economic reforms in March 2024.
In November 2024, remittances surged by 65.4 percent, reaching about $2.6 billion, up from around $1.6 billion in November 2023.
For the period from July to November 2024, remittances rose by 77 percent, totaling approximately $13.8 billion, compared to about $7.8 billion during the same months in 2023.
Remittances have become one of Egypt's most important sources of foreign currency, contributing significantly to financial stability alongside revenues from tourism and the Suez Canal.
Remittances have continued to rise after the central bank floated the Egyptian Pound last year, closing a significant gap between official and black-market exchange rates, which had previously driven many Egyptians abroad to rely on informal and unregulated methods to send money back home.
This surge has positioned Egypt among the top seven countries globally in terms of remittance receipts, explained Hassan El Khatib, Minister of Investment and Foreign Trade, earlier this month.
He emphasized the significant role Egyptians working abroad play in the country's economy, noting that much of the recent growth in remittances can be attributed to the country's reform measures, particularly those implemented in March 2024. These reforms helped address challenges faced in the previous year, particularly those related to exchange rates, he noted.
Looking ahead, El Khatib expressed optimism about the future growth of remittances, noting that the outlook remains strong. He pointed out that Egypt's qualified, globally competitive workforce has the potential to help remittances double in the coming years.
The remittances play a crucial role in improving the living standards of Egyptian families, particularly those in rural areas, where they serve as a lifeline for many households.
For 2025, BMI Research projects that disposable incomes will increase to EGP 185.6k, up from EGP 155.1k in 2024.
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