The Central Bank of Egypt published updated remittance figures showing continued strong growth in inflows from Egyptians working abroad, which it linked to economic reform measures introduced in March 2024. Remittances doubled year on year in December to about USD 3.2 billion, compared with around USD 1.6 billion in December 2023. December’s inflows were described as the highest recorded for the month in any year and were also up 24.5% from November 2024 (around USD 2.6 billion). For the first half of fiscal year 2024/2025 (July to December 2024), remittances rose 80.7% to nearly USD 17.1 billion versus USD 9.4 billion in the corresponding period, while on an annual basis they increased 51.3% to about USD 29.6 billion from approximately USD 19.5 billion over the same period in 2023.
Central Bank of Egypt 2025-02-24
Central Bank of Egypt reports record December remittances of USD 3.2 billion and an 80.7% jump in FY 2024/2025 H1 inflows
The Central Bank of Egypt reported a significant increase in remittances from Egyptians abroad, attributing this to economic reforms initiated in March 2024. December 2024 saw remittances double year-on-year to USD 3.2 billion, marking the highest December inflow on record. For the first half of fiscal year 2024/2025, remittances surged 80.7% to nearly USD 17.1 billion compared to the same period in the previous year.