Egypt's Cabinet Media Centre said Monday that remittances from citizens working abroad have more than doubled over the past decade, crediting the central bank's "prudent monetary policy" for stabilising the currency and shoring up confidence in the economy. Remittances climbed to $36.5 billion in fiscal year 2024/25, up from $17.1 billion in 2015/16, according to the Cabinet's latest infographics. In July alone, inflows hit a record $3.8 billion, the highest monthly level ever recorded. Annual flows have varied in recent years, with remittances totalling $21.9 billion in 2023/24, $22.1 billion in 2022/23, $31.9 billion in 2021/22, and $31.4 billion in 2020/21. The Cabinet cited the International Monetary Fund's (IMF) recent remarks that said the rebound reflects growing confidence in reforms implemented since March 2024. The increase in remittances has helped lift Egypt's foreign-currency reserves to unprecedented levels. Net international reserves stood at $48.7 billion in June 2025 and rose to $49.3 billion in August, compared with $17.5 billion in June 2016. By contrast, reserves were $46.385 billion in June 2024, $34.8 billion in June 2023, $33.380 billion in June 2022, and $40.584 billion in June 2021. The Institute of International Finance also said – in a recent note – that the record tourism receipts, strong remittance inflows, and rising exports have all supported Egypt's ability to weather external shocks and secure adequate foreign-exchange resources. Attribution: Amwal Al Ghad English
