Remittances from Egyptians Abroad Recorded $3.4 Billion in May

                                                                     Recorded $3.4 Billion in May

 

Remittances from Egyptians Abroad Jump to $32.8 Billion in 11 Months

The Central Bank of Egypt announced that remittances from Egyptians working abroad achieved a significant surge in the period from July to May of the 2024/25 fiscal year (11 months), increasing by 69.6% to approximately $32.8 billion, compared to approximately $19.4 billion during the same period the previous year.

The bank explained in a statement that the period from January to May 2025 witnessed a 59% year-on-year increase in remittances, reaching approximately $15.8 billion, compared to approximately $9.9 billion during the corresponding five months of 2024.

Remittances in May 2025 increased by 24.2% year-on-year to approximately $3.4 billion, compared to approximately $2.7 billion in April. According to the statement, the recorded remittances represent historic flows, unprecedented for the month of May in any year.

Remittances from Egyptians working abroad are one of Egypt's most important sources of foreign exchange, alongside revenues from the Suez Canal, tourism, and foreign direct investment. These remittances have significantly contributed to supporting the Egyptian economy, especially during periods of economic crisis or decline in the country's foreign currency resources.