Egypt remittances double to reach $29.6 bln in 2024: CBE

Ahram Online , Tuesday 25 Feb 2025

The Central Bank of Egypt (CBE) announced Monday that remittances from Egyptians working abroad continued to increase following the economic reforms in March 2024.

CBE

 

According to CBE, remittance inflows into Egypt doubled to approximately $3.2 billion in December 2024 compared to about $1.6 billion in December 2023, marking an unprecedented annual flow for this month.

Additionally, remittances increased 24.5 percent in December 2024 compared to November 2024, when they reached around $2.6 billion.

In 2024, remittances in total grew by 51.3 percent, reaching approximately $29.6 billion compared to about $19.5 billion in 2023.

In the first half of the FY2024/2025 (July-December 2024), remittances grew by 80.7 percent, reaching approximately $17.1 billion, up from nearly $9.4 billion during the same period in 2023.

Remittances are a key source of foreign exchange inflows in Egypt. In March 2024, the CBE took corrective measures by applying the fourth wave of the fair pricing of the local currency against the other hard currencies and raising the key interest rates by six percent (600 bps), bringing the total hikes applied in 2024 to eight percent (800 bps).

The interest rates currently stand at 27.25 percent for the overnight deposit rate, 28.25 percent for the overnight lending rate, and 27.75 percent for the main operation rate.

These measures have contributed to a notable increase in the country's remittance inflows, unifying the local FX rate and abolishing the currency parallel market.

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