Remittances to Egypt almost double to reach $26bn

Remittances from Egyptian expatriates hit a new record in the first nine months of fiscal year 2024/2025, driven by renewed confidence in the economy.

Inflows surged by 83 percent to $26.4 billion between July 2024 and March 2025, compared with $14.4 billion a year earlier, Egypt Today reported, quoting the Central Bank of Egypt (CBE) data.

In the third quarter –  January to March 2025 – remittances rose by 87 percent annually to $9.4 billion.

Remittances climbed by 64 percent year on year to $3.4 billion in March, the report said.

The country’s fiscal year starts on July 1 and runs until June 30 of the following year.

In its March report, the International Monetary Fund (IMF) said remittances from Egyptian workers overseas and tourism receipts have remained robust, helped by a shift to a flexible exchange rate regime in March 2024, which is yielding positive results.

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Trade disruptions in the Red Sea since December 2023 have cut foreign exchange inflows from the Suez Canal by $6 billion in 2024.

The IMF and Egypt entered a four-year agreement in December 2022 that was slated to yield $3 billion of loans for the struggling nation.

That commitment was increased to $8 billion in March 2023 as currency volatility and disruptions to Suez Canal shipping further destabilised the Egyptian economy.

The IMF released an additional $1.2 billion of funding in March, bringing its total disbursement so far to $3.2 billion.