The Central Bank of Egypt (CBE) announced that remittances from Egyptians working abroad witnessed an unprecedented historic leap, a year after the reform measures implemented in March 2024. Remittances increased by 72.41%, or $13.7 billion, during the period from March 2024 to February 2025, to reach approximately $32.6 billion.
The Central Bank added, in a statement issued today, Monday, that these transfers more than doubled during February 2025, for the twelfth consecutive month, reaching approximately $3 billion, compared to approximately $1.3 billion in February 2024. These are flows that have never occurred during February in history.
Remittances from Egyptians abroad are one of the country's most important sources of hard currency income. They reached their highest levels in 2021/22, reaching $31.9 billion, before declining in 2022/23 to $22.1 billion. This decline was due to the global spread of the coronavirus pandemic, which resulted in the closure of many businesses and institutions worldwide, leaving many Egyptian employees and workers abroad. This was in addition to the problems related to the currency exchange rate, the phenomenon of the parallel dollar market, and the Russian-Ukrainian war.
Despite all the economic challenges that
