In September alone, remittances surged to $2.7 billion, a substantial rise from $1.3 billion in September 2023. The CBE attributed this sharp increase to ongoing economic reforms aimed at enhancing financial stability and attracting foreign currency inflows.
Approximately 13 million Egyptians live and work abroad, primarily in Gulf nations, making remittances a crucial source of foreign currency for Egypt. Alongside revenues from the Suez Canal and tourism, these funds help bolster the nation’s foreign reserves, providing essential support for economic growth and development.
The upward trend in remittances reflects both the resilience of Egyptian expatriates and the effectiveness of government initiatives designed to facilitate financial transfers from abroad. As the country continues to navigate economic challenges, these remittance flows are increasingly vital for sustaining national stability.