Money sent home by Egyptians abroad hit a record 34.9 billion dollars in nine months, cementing remittances as the economy’s most reliable dollar source as Suez Canal revenue slumps.
Transfers from July through March rose 32 percent from a year earlier, the Central Bank of Egypt (CBE) said, about 8.5 billion dollars more than the same period last year. The pace keeps remittances on course to beat the previous full year fiscal record of 36.5 billion dollars.
These inflows have become Egypt’s steadiest stream of hard currency, now rivalling or exceeding tourism, exports, foreign investment, and Suez Canal receipts. That matters more than usual, because Red Sea shipping disruptions have sharply cut canal earnings and foreign investment has turned volatile outside a handful of Gulf backed projects.
The boom dates to 2024, when Egypt floated the pound and cracked down on the black market for dollars under an 8 billion dollar International Monetary Fund (IMF) programme. As the official and parallel exchange rates converged, Egyptians abroad moved money back into banks and licensed transfer firms, channels they had largely bypassed in 2022 and 2023.
The trend underscores the weight of Egypt’s diaspora, estimated at more than five million workers across the Gulf, Europe, and North America. Their transfers have acted as a shock absorber through bouts of currency volatility and inflation. Across the 2025 calendar year, remittances reached an all time high of 41.5 billion dollars.
Monthly inflows remain strong, with the central bank reporting about 3.5 billion dollars in January, up 21 percent on a year earlier.
Economists caution that remittances are no substitute for exports or productive investment. Unlike foreign direct investment, which builds industrial capacity and creates jobs, the money mainly funds household spending, savings, and real estate. Even so, as Egypt pursues fiscal consolidation and rebuilds reserves, the inflows have become one of the strongest pillars beneath its balance of payments.
