The Central Bank of Egypt (CBE) announced on Monday that remittances from Egyptians working abroad have surged to an unprecedented level, reaching $32.6bn over the 12-month period from March 2024 to February 2025. This marks a 72.4% increase—equivalent to $13.7bn—compared to the same period a year earlier, and reflects the positive impact of the comprehensive economic reform measures implemented in March 2024.
According to the CBE statement, inflows during February 2025 alone more than doubled year-on-year, rising to around $3bn, compared to $1.3bn in February 2024. This represents the highest February remittance total ever recorded in Egypt’s history and the 12th consecutive month of growth in remittance inflows.
Remittances from Egyptians abroad remain one of the country’s most vital sources of foreign currency, alongside revenues from tourism, the Suez Canal, and exports. They previously peaked at $31.9bn during fiscal year 2021/2022, before falling to $22.1bn in 2022/2023. The decline was attributed to multiple global and domestic factors, including the aftermath of the COVID-19 pandemic, which caused widespread business closures and job losses among Egyptian workers abroad.
Other contributing factors to the earlier decline included exchange rate volatility, the emergence of a parallel dollar market, and the global economic consequences of the Russia-Ukraine war.
Despite these challenges, Egypt’s global ranking in remittance inflows improved significantly. The country now ranks fifth worldwide, up from sixth place, trailing only India, Mexico, China, and the Philippines, according to global remittance data.
The CBE emphasized that the recent surge in remittances reflects renewed confidence in the Egyptian economy and the effectiveness of reform measures aimed at stabilizing the currency, addressing inflation, and attracting foreign capital.
