The Central Bank of Egypt announced a 49.7 percent increase in remittances from Egyptians working abroad during the first seven months of the year (January-July 2025), reaching approximately $23.2 billion.
According to a statement from the Central Bank, remittances for the same period last year were around $15.5 billion.
On a monthly basis, remittances in July 2025 reached a historical monthly high of $3.8 billion, up from approximately $3.0 billion in July 2024, representing a 26.3 percent increase.
Earlier in September, Central Bank Governor Hassan Abdalla confirmed that local foreign currency resources reached a record level in August, sufficient to cover all domestic obligations and more.
In a previous meeting with Abdalla, President Abdel Fattah al-Sisi emphasized the importance of focusing on increasing foreign exchange reserves and continuing to provide sufficient dollar resources.
He noted that this would positively impact the availability of various goods and help reduce external debt. He also called to continue operating with a flexible exchange rate system.
Remittances from Egyptians abroad are considered one of the primary resources the state relies on to boost its dollar reserves.
These remittances had previously seen a sharp decline when the gap between the official dollar rate and the parallel market rate widened, prior to March’s reforms and the government’s shift to a flexible exchange rate.
The importance of remittances has increased as Suez Canal revenues face a sharp decline due to tensions in the Red Sea and vessels avoiding passage, in addition to tourism being affected by the situation in the Middle East.
