Moustafa Allam
Egypt has been bringing in new sources of foreign currency to service its debts and secure essential imports. Remittances from Egyptian expatriates hit a record of $36.5 billion in the fiscal year 2024/25, up around 66.2 per cent from the previous year, according to data from the state-run Central Agency for Public Mobilization and Statistics (CAPMAS).
The North African country’s hard currency sources are diverse, including tourism, exporting, and direct and indirect investments. Still, the remittances of Egyptians who reside abroad are significant.
Between April and June 2025, Egyptians living abroad sent home $10 billion, marking an all-time highfor the year, up from $7.5 billion in the same time period in 2024.
In June, remittances hit a new monthly record of $3.6 billion, up from $2.6 billion the previous year, with around 40.7 percent increase.
This highlights the key role of remittances in maintaining the stability of Egypt’s external accounts and increasing its foreign exchange reserves in such a time of global financial unrest. According to official data, remittances continue to account for the lion’s share of foreign currency, more than money from tourism, transit fees for the Suez Canal, and exports.
Economists attribute this rise to several changes in the country’s monetary policy. The merging of the foreign exchange market and the end of the black currency market also made expats feel safe sending money through the banking system again.
The recent years have witnessed more employment openings for Egyptians in the Gulf states, contributing to the increase in total inflows.
Egyptian expats stood at 11 million people in 2022, with 9 million residing exclusively in Gulf states, according to data from the Ministry of Foreign Affairs.
Economists recommend that the government increase productive investments to better use these remittances. It would give the expatriates the chance to own shares and participate directly in state assets slated for sale, rather than depending on foreign investors.
In this context, Prime Minister Moustafa Madbouly said that the government is working with the Central Bank of Egypt (CBE) to introduce specialised savings instruments for Egyptians living abroad.
