Remittance flows to Egypt from Egyptian workers abroad have seen impressive growth in 2024. Since the implementation of the reform measures in March of the same year, remittances have seen successive increases, marking a positive trend for the Egyptian economy.
In September 2024 alone, remittances doubled to approximately $2.7 billion, compared to approximately $1.3 billion in September 2023. This significant increase has generated enthusiasm and demonstrated the positive impact of the reforms undertaken.
Over the entire first quarter of the 2024/2025 fiscal year (July/September 2024), remittances increased by 84.4% to approximately $8.3 billion, compared to approximately $4.5 billion. This remarkable growth attests to the confidence of Egyptian workers abroad in the economy of their home country.
The first nine months of 2024 (January/September) recorded a 42.6% increase in remittances, reaching approximately $20.8 billion, compared to approximately $14.6 billion in the same period in 2023. These figures reflect not only the strength of the Egyptian economy, but also the commitment of Egyptians to support their country despite the distance that separates them.
The Central Bank of Egypt highlighted that remittances from Egyptian workers abroad increased for the sixth consecutive month in August 2024, reaching $2.6 billion, representing a growth of 65.5% compared to approximately $1.6 billion recorded in August 2023. This steady progression demonstrates the resilience and significant contribution of Egyptian workers residing abroad to the national economy.
For the first two months of the second half of 2024 (July/August), remittances from Egyptian workers abroad increased by 76.2% to $5.6 billion, compared to approximately $3.2 billion during the same period last year. This significant increase confirms the importance of remittances from Egyptians living abroad in supporting the national economy.
During the first eight months of the current year (January/August 2024), remittances from Egyptians working abroad increased by 36.4% to approximately $18.1 billion, compared to approximately $13.3 billion during the same period in 2023. These figures demonstrate the vital contribution of Egyptian workers abroad to the country’s economic prosperity.
In conclusion, the increase in remittances in 2024 demonstrates that Egyptian workers abroad continue to play a vital role in supporting the national economy.These positive figures are encouraging for Egypt’s economic future and reflect expatriates’ confidence in the country’s stability and growth.