Egyptian expats remittance inflows grew by 65.4% in November 2024
The CBE attributed this increase to the bank's corrective measures in March 2024.
These measures included applying the fourth wave of the fair pricing of the local currency against other currencies and raising the key interest rates by six percent in a lump sum.
According to CBE data, Egyptian expats' remittances increased by 77 percent from July to November 2024, reaching approximately $13.8 billion compared to around $7.8 billion in the corresponding period of 2023.
From January to November 2024, remittances increased by 47.1 percent to around $26.3 billion, compared to nearly $17.9 billion in the same period of 2023.
Egyptian expats' remittances are a key contributor to Egypt’s GDP and foreign exchange (FX) inflows, along with tourism, the Suez Canal, and export revenues.
They account for over seven percent of the country’s GDP, according to the CBE.
The Balance of Payments (BoP) data released by CBE early in January showed a surge in remittance inflows. They grew by 84.4 percent to $8.3 billion in the first quarter of FY2024/2025 (July-September 2024), up from $4.5 billion in FY2023/2024.
Egypt is currently engaging in an Extended Fund Facility (EFF) loan programme with the International Monetary Fund (IMF) that was approved in December 2022 and will conclude in September 2026.
In its update on the World Economic Outlook (WEO) report, the IMF downgraded its forecasts for Egypt’s real GDP growth in FY2024/2025 and FY2025/2026, mainly due to uncertainty about FX inflows and rates.