Egyptian remittances rise by 45.3% in 1st 10 months of 2024

Remittances are a vital source of revenue for the country’s GDP and foreign exchange (FX) reserves, along with tourism, the Suez Canal revenues, and foreign direct investments.

In October 2024, the figure saw a considerable 68.4 percent increase, rising from $1.7 billion in October 2023 to $2.9 billion.

Between July and October 2024, remittances increased by 80 percent, from $6.2 billion to $11.2 billion, compared to the same period in 2023.

In the first nine months of 2024 (January-September), remittances from Egyptian expatriates increased from $14.6 billion to $20.8 billion during the same period in 2023, marking a 42.6 percent increase.

The CBE attributed this significant rise to the economic reforms introduced in Egypt in March 2024.

The World Bank recently forecasted that Egypt would rank as the seventh-largest recipient of remittances among low- and middle-income countries in 2024, with a value of $22.7 billion.

According to the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt ranked sixth globally among the largest recipients of remittances in 2023.

Notably, the CBE launched the instant money transfer service through the InstaPay application in December, facilitating the receipt of money from abroad.