REMITTANCES from Egyptians working abroad rose by more than 77 per cent in the first 10 months of the 2024-25 fiscal year, reaching a record $29.4 billion, reports Arab News.
Between January and April alone, remittance inflows rose 72.3pc year on year to $12.4bn, official data from Egypt’s central bank showed.
The sharp increase underscores growing confidence among expatriates in the country’s financial system and reflects a broader improvement in Egypt’s external financial position.
The Central Bank of Egypt attributed the surge to recent measures aimed at stabilising the exchange rate and encouraging the use of formal remittance channels.
The impact of these policies is also evident in the rise of Egypt’s net international reserves, which climbed to $48.5bn at the end of May, up from $47.8bn in March.
In a statement, the central bank noted: “On a monthly basis, remittances in April 2025 increased by 39pc year on year, reaching approximately $3bn, compared to $2.2bn in the same month last year.”
The rebound in remittance flows comes amid broader economic reforms pursued under an International Monetary Fund-backed stabilisation programme. These reforms have bolstered Egypt’s foreign currency position and helped attract more international capital.
In May, Prime Minister Mostafa Madbouly announced that Egypt recorded real gross domestic product growth of 3.9pc during the first half of the fiscal year. Private sector investment surged by 80 percent, while foreign direct investment rose by around 17pc.
Inflation, however, remains a key challenge. The annual urban headline inflation rate accelerated to 16.8pc in May, up from 13.9pc in April, driven largely by continued pressure on non-food prices.
These inflation trends come as Egypt’s broader economic landscape continues to be shaped by both domestic and global pressures. The government is navigating a delicate recovery amid external shocks, ongoing structural reforms, and efforts to manage public debt.
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