(3 Minutes Read)
Egypt witnessed a historic surge in remittances from its citizens working abroad during the first nine months of the 2024/2025 fiscal year, according to a statement released by the Central Bank of Egypt (CBE). From July 2024 to March 2025, remittances increased by an impressive 82.7% compared to the same period the previous year, reaching approximately USD 26.4 billion. This is a significant rise from the USD 14.4 billion recorded between July 2023 and March 2024.
The statement highlighted that the growth was especially strong in the third quarter of the fiscal year. Between January and March 2025 alone, Egyptians living and working abroad sent home around USD 9.4 billion, marking an 86.6% increase compared to about USD 5 billion during the corresponding quarter of the previous year.
The monthly figures also reflected this robust upward momentum. In March 2025, remittances hit approximately $3.4 billion, showing a 63.7% year-on-year increase from USD 2.1 billion in March 2024.
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This sharp rise in inflows underscores the vital and growing economic role of Egypt’s diaspora. It also signals increasing trust in the Egyptian banking system, buoyed by the government’s ongoing economic reforms aimed at stabilising the financial sector and enhancing foreign currency reserves. The unprecedented remittance levels are expected to provide much-needed support to Egypt’s balance of payments and overall economic resilience.
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