Remittances from Egyptians working abroad soared to a record high of approximately USD 32.6 billion during the twelve months from March 2024 to February 2025, according to the Central Bank of Egypt (CBE). The figure represents a 72.4 percent increase – roughly USD 13.7 billion more – compared to the same period a year earlier, marking the highest annual total on record.
The sharp rise comes in the wake of a major monetary policy shift in March 2024, when the Central Bank moved to a flexible exchange rate system and allowed the Egyptian pound to depreciate significantly. The value of the pound fell nearly 40 percent against the US dollar, reaching around 50 pounds per dollar. The policy change, aimed at restoring investor confidence and stabilizing foreign exchange markets, appears to have had a swift impact on remittance behavior.
In February 2025 alone, remittances exceeded USD 3 billion for the second month in a row, more than doubling the USD 1.3 billion recorded in February 2024. It is the highest monthly remittance inflow Egypt has ever recorded for this time of year.
Remittances have been a crucial pillar of Egypt’s economy, serving as a key source of foreign currency and supporting household incomes across the country. In April, the CBE reported that remittances rose by 81 percent during the first seven months of fiscal year 2024/2025 (July 2024 to January 2025), reaching around USD 20 billion compared to USD 11 billion during the same period the previous year.
Analysts have linked the recent spike to both the depreciation of the Egyptian pound and the increasing confidence of Egyptians abroad in transferring funds home under the new exchange regime. A weaker pound means that each dollar sent back carries more value in local currency terms, creating a strong incentive for expatriates to remit more.
Egypt has consistently ranked among the top recipients of remittances globally. In 2023, it was the sixth-largest recipient worldwide, according to World Bank data. These inflows provide critical support for Egypt’s balance of payments and help cushion the economy during periods of financial strain.
The latest data also reflect the scale of the Egyptian diaspora. The number of Egyptian expatriates reached 11.09 million by the end of 2023, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). Many of them work in Gulf countries, Europe, and North America, and their financial contributions play a vital role in sustaining families and supporting national development.
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