Remittances from Egyptian expatriates have seen a significant increase, reaching approximately $2.7 billion in September 2024, more than double the $1.3 billion recorded in the same month last year. This surge follows economic reforms implemented in March 2024, which have had a positive impact on the country’s financial inflows.
For the first quarter of the fiscal year 2024/2025 (July-September 2024), remittances grew by a robust 84.4%, totaling $8.3 billion, according to data released by Egypt’s central bank on Monday.
Year-to-date, remittances from Egyptians living abroad have risen by 42.6%, reaching $20.8 billion in the first nine months of 2024, compared to $14.6 billion during the same period in 2023.
The increase highlights the continued importance of remittances as a key source of foreign currency for Egypt’s economy.
