CBE: Egyptian remittances rose by 61.4%, recording $7.5 bn in Q4-2024/2023

The Central Bank of Egypt, in its most recent report on balance-of-payments performance, released recently on its official website, revealed that remittances from Egyptians working abroad rose by 61.4% to about $7.5 bn in the fourth quarter of 2024/2023, compared to $4.6 bn during the same period of the previous fiscal year.

Egyptian remittances abroad recorded $21.9 bn in 2024/2023, compared to $22.1 bn in 2023/2022.

The balance of payments reached an overall surplus of $9.7 bn during fiscal year 2023/2024, despite current economic and political challenges on the global stage.

In its statement, CBE explained that the total surplus in the balance of payments was concentrated mainly during the second half of fiscal year 2023/2024, generating about $10.1 bn under the structural reforms of the Egyptian economy taken on 6 March 2024.

Those reforms had been positively reflected at the expense of capital and financial transactions, recording a net inflow of about $29.9 bn during the supply year on the back of a historic increase in net FDI of about $46.1 bn, of which about $40.5 bn had been recorded during the second half of fiscal year 2023/2024.

In addition, Egypt's portfolio investments turned into a net inflow of about $14.5 bn.

On the other hand, the deficit in the current transactions rose by about $20.8 bn versus about $4.7 bn, as a primary result of a 27% widening trade balance deficit and a 24.3% decline in Suez Canal transport fee revenues.