Economy Expat remittances to Egypt up by a half to $30bn in 2024 By Pramod Kumar February 25, 2025, 11:48 AM Reuters The remittance surge was driven by Egypt's economic reforms introduced in March 2024 and the flexible exchange rate regime Expatriate remittances to Egypt, a critical source of foreign exchange, jumped 52 percent year on year to $30 billion in 2024, according to the central bank. The surge was driven by economic reforms introduced in March 2024 and the flexible exchange rate regime, the government-run State Information Service reported. Remittances rose to $3.2 billion in In December 2024 from $1.6 billion a year ago, marking the highest-ever inflow recorded for the month, Egypt Today said. Egypt was forced to devalue its currency last year amid shortages of foreign exchange caused by lower earnings from the Suez Canal and higher prices for food imports caused by the war in Ukraine. Inflows from remittances in the first half of the Egyptian financial year 2024/2025 which begins on 1 July jumped 81 percent to $17 billion from $9 billion a year ago, the report said. Egypt keeps interest rates steady as inflation looms Egypt targets $40bn to meet budget funding needs Tax reforms launched by Egypt to entice more investors Cairo is set to announce a tax relief package for taxpayers and businesses next month, to increase the transparency of the tax system and encourage more foreign direct investment. In September, the country’s finance minister, Ahmed Kouchouk, unveiled a range of measures which he said would make the Egyptian tax system more transparent and attract investors to the country. The cabinet approved regulations to eliminate various tax and fee exemptions for state-owned enterprises in February 2024, aligning with a condition set by the International Monetary Fund.
