Egyptian Expat Remittances Surge To $29.4Bn In 10M Of FY 2024/25: CBE

(MENAFN- Daily News Egypt) Remittances from Egyptians working abroad recorded a historic increase in the first 10 months of the current fiscal year (July 2024 – April 2025), soaring by 77.1% to reach approximately $29.4bn, compared to $16.6bn during the same period of the previous fiscal year, the Central Bank of Egypt (CBE) announced on Monday.

The CBE noted that remittance inflows during the January–April 2025 period reached $12.4bn, reflecting a 72.3% year-on-year jump from $7.2bn recorded during the same four months of 2024.

On a monthly basis, remittances in April 2025 alone rose by 39% compared to April 2024, reaching around $3bn, up from $2.2bn.

Remittances are one of Egypt's most vital sources of foreign currency, alongside Suez Canal revenues, tourism, and exports. They previously peaked at $31.9bn during FY 2021/22, before declining to $22.1bn in FY 2022/23. The drop was largely attributed to the global economic fallout from the COVID-19 pandemic, which caused business closures and job losses among Egyptian expatriates, as well as pressures from the local exchange rate and the emergence of a parallel currency market, compounded by the Russia–Ukraine war.

However, remittance inflows have rebounded sharply in FY 2024/25 following a package of monetary and exchange rate reforms implemented by the Central Bank in March 2024. These measures included a long-awaited currency devaluation and the unification of exchange rates, which incentivised the return of remittance flows through official channels.

According to data from the Central Agency for Public Mobilisation and Statistics (CAPMAS), Egypt ranked seventh globally in terms of remittance receipts in 2024, with $22.7bn in inflows. The list was topped by India ($129.1bn), followed by Mexico ($68.2bn), China ($48bn), the Philippines ($40.2bn), Pakistan ($33.2bn), and Bangladesh ($26.6bn).

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