Remittances from Egyptian abroad Surge to $29.6B in 2024

CAIRO – 24 February 2025: Remittances to Egypt soared to nearly $29.6 billion in 2024, reflecting a significant 51.3 percent increase from $19.5 billion in 2023, according to a report by the Central Bank of Egypt (CBE).

This sharp rise followed key economic reform measures introduced in March 2024, which spurred a substantial boost in remittance inflows. In December alone, remittances doubled to approximately $3.2 billion, compared to $1.6 billion in December 2023, marking the highest inflows ever recorded for the month.

Additionally, December 2024 remittances rose by 24.5 percent from the previous month’s $2.6 billion. The first half of FY2024/2025 saw an even more dramatic surge, with inflows jumping 80.7 percent to approximately $17.1 billion, up from $9.4 billion in the same period of 2023.

These figures underscore the critical role of remittances in strengthening Egypt’s foreign currency reserves and supporting economic stability.