The Central Bank of Egypt (CBE) has announced that November 2024 saw a substantial 65.4% year-over-year increase in remittances, which reached approximately $2.6 billion compared to $1.6 billion in November 2023.
In a statement released on Wednesday, the bank said there has been a remarkable rise in remittances, with Egyptians working abroad sending home $26.3 billion during the first 11 months of 2024—up from $17.9 billion in the same period of 2023. This marks an impressive growth rate of 47.1%.
The CBE attributed the significant increase in remittances to the economic reforms implemented in March 2024.
Between July and November last year, remittances grew by 77%, reaching around $13.8 billion —up from $7.8 billion in the same period of 2023.
Remittances from Egyptians abroad have long been one of Egypt’s most vital sources of foreign currency.