Egyptian expat remittances jump to $26.4 billion in 9 months

The Central Bank of Egypt announced on Tuesday that remittances from Egyptians working abroad surged by 82.7 per cent during the first nine months of the 2024–2025 fiscal year.

According to the bank, total remittances reached around $26.4 billion, up from $14.5 billion during the same period last year. The increase highlights the growing importance of remittances as one of Egypt’s main sources of foreign currency.

The bank’s balance of payments report also showed that the current account deficit narrowed by 22.6 per cent, falling to about $13.2 billion, compared with $17 billion during the same period a year earlier. This reflects a modest improvement in the balance of payments performance despite continued external pressures.

The overall balance of payments, however, recorded a deficit of around $1.9 billion between July 2024 and March 2025, compared with a surplus of $4.1 billion during the same period of the previous fiscal year.

Suez Canal revenues dropped sharply by 54.1 per cent to $2.6 billion, according to the statement. The decline was driven by a 44.8 per cent decrease in ship traffic, due to ongoing geopolitical tensions in the Red Sea.