Remittances are one of the key resources to the country’s GDP and foreign exchange (FX) inflows.

In September 2024, remittances saw a dramatic 108 percent rise, reaching $2.7 billion compared to $1.3 billion in September 2023.

Additionally, remittances for the first quarter of the 2024/2025 fiscal year (July-September) increased by 84.4 percent, totalling approximately $8.3 billion, compared to $4.5 billion in the same period of the previous year.

In August 2024, Egypt also recorded $2.6 billion in remittances, up from $1.6 billion in August 2023, reflecting a 65.5 percent increase.

The CBE attributed this significant rise in remittances to the economic reform measures introduced by Egypt in March 2024.

As part of these reforms, the CBE raised the overnight deposit rate, overnight lending rate, and the main operation rate by 600 basis points, setting them at 27.25 percent, 28.25 percent, and 27.75 percent, respectively.

Egypt has implemented several measures to address the US dollar shortage crisis, including securing a $35 billion deal with the UAE to develop the Ras El-Hekma zone on the North Coast.

As part of the Extended Fund Facility (EFF) loan programme, Egypt was required to devalue its currency. This devaluation was essential for securing an extension of the fund to $8 billion.

In addition, Egypt received $820 million from the International Monetary Fund (IMF) in July.

According to the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt ranked 6th among the world's largest remittance-receiving countries in 2023.