Egyptian expat remittances double in a decade, hitting record $36.5 billion

The Egyptian pound dropped again against the dollar on the black market on 21 July 2016, extending its recent decline despite central bank efforts to close the gap between demand and supply in the dollar-starved economy. Egypt, which relies heavily on imports, is facing a shortage in foreign currency inflows after a 2011 uprising drove tourists and foreign investors away, causing the country's reserves to tumble to $16.56 billion from $36 billion. A black market for dollars has sucked up liquidity from the banking system while the central bank kept the pound artificially strong and rationed dollars through weekly auctions, putting a strain on foreign reserves. (Photo by Fayed El-Geziry /NurPhoto via Getty Images)

The Egyptian Cabinet Media Center has released several infographics highlighting the record surge in remittances from Egyptians working abroad and their crucial role in enhancing the stability of Egypt’s international reserves.

The historic rise in these transfers is attributed to the Central Bank of Egypt’s sound monetary policy, which has helped stabilize the exchange rate and boost confidence in the economy.

This, in turn, has positively impacted net international reserves and the state’s ability to withstand external challenges.

The infographics traced the evolution of remittances, showing they have more than doubled over the past 10 years: soaring from $17.1 billion in the fiscal year 2015/2016 to reach $36.5 billion in 2024/2025.

Remittances notably reached approximately $3.8 billion in July 2025, marking the highest monthly level ever recorded.

The data also showed previous annual figures: $21.9 billion in 2023/2024, $22.1 billion in 2022/2023, $31.9 billion in 2021/2022, and $31.4 billion in 2020/2021.

Egypt’s economic resilience

The International Monetary Fund (IMF) has affirmed that the surge in remittances from Egyptians working abroad demonstrates confidence in the economic reforms implemented since March 2024.

This record rise in expatriate remittances has directly impacted Egypt’s net international reserves (NIR), pushing them to unprecedented levels.

The NIR has nearly tripled over 10 years, soaring to $48.7 billion in June 2025, and continuing its climb to $49.3 billion by August of the same year, compared to just $17.5 billion in June 2016.

Net international reserves previously recorded $46.4 billion in June 2024, $34.8 billion in June 2023, $33.4 billion in June 2022, and $40.6 billion in June 2021.

The Institute of International Finance (IIF) noted that the combination of record tourism revenues, the strong recovery in expatriate remittances, and notable growth in exports all contributed to supporting foreign currency reserves.

This effectively enhanced the economy’s ability to provide sufficient foreign currency resources, helping it withstand external shocks.

Edited translation from Al-Masry Al-Youm