Egypt's central bank reports record 72.4-pct surge in expatriates' remittances over 12 months

Alsharq Tribune- M.Essam 

Remittances from Egyptian expatriates increased by 72.4 percent from March 2024 to February 2025, reaching approximately 32.6 billion U.S. dollars, the Central Bank of Egypt (CBE) said in a report on Monday.

The report attributed the "unprecedented" surge -- nearly 13.7 billion dollars in a 12-month period -- to the economic reform measures taken since March 2024.

In February, remittances from Egyptians working abroad rose to 3.0 billion dollars, more than doubling the figure of 1.3 billion dollars in the same month of last year, the CBE noted. Remittances, alongside foreign investments and revenues from the Suez Canal and the tourism industry, are key contributors to Egypt's foreign currency reserves, helping to support the North African nation's overall economy