RIYADH: Remittances from Egyptians working abroad rose by 69.6 percent year on year between July and May of the 2024-25 fiscal period, reaching a record $32.8 billion, new figures showed.
Data released by the country’s central bank show that remittances in May increased 24.2 percent annually to reach about $3.4 billion, representing the highest level of inflows ever recorded in the fifth month of the year, according to a statement.
The sharp increase underscores growing confidence among expatriates in the country’s financial system and reflects a broader improvement in Egypt’s external economic position.
This improvement is also linked to recent measures to stabilize the exchange rate and promote formal remittance channels. These policies have contributed to Egypt’s net international reserves rising to $48.5 billion at the end of May, up from $47.8 billion in March.
In a statement, the central bank noted: “Likewise, remittances increased during the period January/May 2025 by 59 percent YoY to record around $15.8 billion (compared to about $9.9 billion).”
