RIYADH: During the first nine months of the fiscal year 2024–2025, remittances from Egyptians employed abroad increased significantly, hitting an all-time high of $26.4 billion. According to figures from the nation’s central bank, this represents an 82.7 percent yearly rise over the $14.4 billion reported during the same fiscal year.
During the third quarter, from January to March, remittances increased by 86.6 percent annually to around $9.4 billion, up from $5 billion the year before.Monthly inflows for March were over $3.4 billion, a 63.7 percent increase over the $2.1 billion recorded in the same month of 2024.
Remittances have increased, indicative of wider improvements in the nation’s external financial situation, rising Egyptian trust overseas, and reducing reliance on foreign exchange reserves.
It also emphasises the results of recent government and central bank actions to stabilise the exchange rate and promote the movement of foreign exchange through authorised channels. The increase in net international reserves, which increased from $47.8 billion in March to $48.5 billion at the end of May, indicates stronger foreign exchange inflows and better liquidity.
Ongoing economic reforms under a stabilisation program financed by the International Monetary Fund have significantly strengthened Egypt’s foreign exchange position.
According to a May report by Prime Minister Mostafa Madbouly, Egypt’s real gross domestic product grew by 3.9% in the first half of the fiscal year, while foreign direct investment and private sector investment climbed by around 17% and 80%, respectively.
Also Read:
Steven Looije: Offering Real Estate Expertise for Smart Investments With HUIS Real Estate
A Visionary Leader In Talent Acquisition And Advisory: Sanjeev Pradhan Roy
