Remittances from Egyptians working abroad jumped 69.6 per cent year-on-year to $32.8 billion during the July–May period of the 2024/2025 fiscal year, the central bank said Wednesday, citing "a significant leap" in a key source of foreign currency. The figure compares to $19.4 billion in remittances recorded during the same period a year earlier, reflecting renewed inflows amid macroeconomic stabilisation and currency reforms. The Central Bank of Egypt (CBE) also reported a 59 per cent year-on-year increase in remittances during the five-month period from January to May 2025, reaching $15.8 billion, up from $9.9 billion the previous year. In May alone, remittances rose 24.2 per cent from a year earlier to $3.4 billion, the highest level ever recorded for that month, the CBE said. Remittances are a vital pillar of Egypt's external finances, helping offset a persistent trade deficit and easing pressure on the local currency. The sharp rise follows efforts by the government and central bank to restore investor confidence and attract dollar inflows, including exchange rate liberalisation and agreements with international lenders. Attribution: Amwal Al Ghad English
