{"id":663945,"date":"2025-04-17T00:00:00","date_gmt":"2025-04-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/17\/remittances-rose-83-2-y-o-y-to-record-january-high-of-usd-2-9-bn\/"},"modified":"2025-04-17T00:00:00","modified_gmt":"2025-04-17T00:00:00","slug":"remittances-rose-83-2-y-o-y-to-record-january-high-of-usd-2-9-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/17\/remittances-rose-83-2-y-o-y-to-record-january-high-of-usd-2-9-bn\/","title":{"rendered":"Remittances rose 83.2% y-o-y to record January high of USD 2.9 bn"},"content":{"rendered":"

Remitta<\/strong>nces from Egyptians abroad continued their upward pace at the <\/strong>start of the ye<\/strong>ar<\/strong>, rising 83.2% y-o-y to USD 2.9 bn in January \u2014 the highest figure ever recorded during the month \u2014 according to a statement<\/a> from the Central Bank of Egypt. The numbers are similarly positive in the longer term, with the first seven months of the current fiscal year having seen an 81.0% y-o-y increase in remittances to some USD 20 bn.<\/p>\n

Remittances are a<\/strong>lso expected to continue increasing throughout the year<\/strong>, with Morgan Stanley forecasting<\/a> USD 32 bn in inflows by the end of the fiscal year. Economist Mona Bedair expressed a similar outlook in comments to EnterpriseAM, telling us that \u201cremittance inflows are likely to remain strong throughout 2025, especially in the early months, supported by the solid recovery that began in the second half of 2024.<\/p>\n

\u201cThe primary driver behind this resilience remains the restored confidence in Egypt\u2019s <\/strong>official exchange rate channels<\/strong>, backed by the government\u2019s continued commitment to a flexible exchange rate regime,\u201d Bedair told us. \u201cThis policy anchor has proven critical in absorbing external shocks and re-aligning incentives for formal remittance flows,\u201d she added.<\/p>\n

The rise or fall of remittances is no small matter<\/strong>, with money sent from abroad expected to have made up around 8% of the country\u2019s entire GDP in 2024<\/a>, up from 5.0% in 2023 and 6.1% in 2022. Their contribution to current account inflows is also sizable, expected to account for 35% of inflows in 2024, up from the 25% recorded the year prior.<\/p>\n

This could be the year remittance flows surpass their pre-FX crisis peak. <\/strong>Last fiscal year saw remittances hitting only USD 22.1 bn as the parallel market pushed remittance flows through unofficial channels, down from a USD 31.4 bn peak in FY 2020\/21. The uptick in remittances through official channels only began in March 2024 with the float of the EGP, which effectively put an end to the parallel market.<\/p>\n

But the trade war could spell trouble for our Egypt bound remittances<\/strong>, as falling oil prices take their toll on the GCC \u2014 our biggest source of remittances. \u201cIt seems that the trade war and oil price fluctuations may affect remittances from Egyptians working abroad, especially since most Egyptians work in the oil-rich Gulf countries,\u201d economist Hany Abou El Fotouh told us. Bedair added that \u201cThis is especially relevant as Gulf countries reassess the pace and financing of their diversification efforts, which could impact both oil and non-oil sector employment.\u201d <\/p>\n

Although, not everyone is convinced<\/strong>, including EGBank board member Mohamed Abdelaal, who told us that the short- and medium-term outlook is positive, tariff war or not. Abdelaal argued that there\u2019s little global appetite for a fall in oil prices, chief among which are OPEC and OPEC+ nations who are expected to \u201creduce daily production in proportion to overall demand, to maintain price stability.\u201d China likewise has little desire for a recession that involves falling oil demand and the US is being pressured by domestic shale producers to keep prices at a reasonable level to cover high extraction costs, he added.<\/p>\n

The demographic make-up of Egyptian workers in Gulf states should also give us <\/strong>reassurance, <\/strong>Abdelaal told us. Egyptian workers in Gulf states and more broadly are \u201cdistinguished by their diverse categories and income brackets,\u201d with high-income workers expected to maintain high salaries and the larger segment of workers in lower paid work \u201cwhose incomes are already limited and difficult to reduce.\u201d <\/p>\n

And even with a potential shortfall in remittances, this will be offset by increased<\/strong> demand for Egyptian workers<\/strong> \u2014 especially in Gulf states with industrial development plans, Iraq, Libya, and some European nations, including Germany, Abdelaal said.<\/p>\n

However, exchange rate fluctuations risk scaring off remittance flows<\/strong>, with an air of uncertainty about where the EGP will settle potentially leading some to be discouraged from sending money over in the fear that it could soon lose value after being converted into EGP, Abou El Fotouh said. <\/p>\n

Lowering interest rates could likewise decrease remittances from Egyptians working<\/strong> abroad through official channels<\/strong>, Abou El Fotouh told us. He explained that when interest rates on local currency deposits decrease, Egyptian expats may have a lower incentive to convert their savings into EGP, and they might prefer to keep them in foreign currency or look for investment prospects with higher returns abroad or through unofficial channels.<\/p>\n

Abou El Fotouh suggested a number of directives from the government that could<\/strong> ensure th<\/strong>e continued flow of remittances<\/strong>, including \u201cimproving the confidence of Egyptians in the banking system by developing banking services, facilitating transfers through banks, and reducing transfer fees,\u201d as well as working to strengthen incentives for workers abroad by offering attractive returns on remittances.<\/p>\n","protected":false},"excerpt":{"rendered":"

This could be the year remittance flows surpass their pre-FX crisis peak<\/p>\n","protected":false},"author":1,"featured_media":663946,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[104,72,2234,2396],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-663945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-remittances","wpautop","entry"],"acf":{"mongo_id":"fa270a92-ff78-408c-a8f4-e33024be0d22","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/4\/1095.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Remittances from Egyptians abroad rose 83.2% y-o-y to record January high of USD 2.9 bn","related_issue":[663937],"teaser":"This could be the year remittance flows surpass their pre-FX crisis peak","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.77e81983-5616-492b-8780-3337c20b6d9c.mp3"},"yoast_head":"\nRemittances rose 83.2% y-o-y to record January high of USD 2.9 bn - 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After a few busy days, it appears that the newscycle \u2014 at least on the home front \u2014 has taken a breather. THE BIG STORY TODAY- Remittances from Egyptians abroad continued their upward pace to kick off the year, rising by 83.2% y-o-y to USD 2.9 bn\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1361.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":665140,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/13\/remittances-more-than-double-y-o-y-to-record-february-high-of-usd-3-bn\/","url_meta":{"origin":663945,"position":1},"title":"Remittances more than double y-o-y to record February high of USD 3 bn","author":"enterpriseam admin","date":"13 May 2025","format":false,"excerpt":"February marks the 12th consecutive month to see an increase in remittances on a y-o-y basis","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/612.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570882,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/21\/egypts-remittances-rise-33-y-o-y-in-january-and-february\/","url_meta":{"origin":663945,"position":2},"title":"Egypt\u2019s remittances rise 33% y-o-y in January and February","author":"enterpriseam admin","date":"21 April 2020","format":false,"excerpt":"Remittances from Egyptians abroad for January and February rose by a third y-o-y to USD 5.2 bn, up from USD 3.9 bn in the same period last year, according to official data (pdf).","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":649710,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/07\/cbe-says-remittances-since-flotation-increased-by-19-7-y-o-y-up-23-in-january\/","url_meta":{"origin":663945,"position":3},"title":"CBE says remittances since flotation increased by 19.7% y-o-y, up 23% in January","author":"enterpriseam admin","date":"7 March 2017","format":false,"excerpt":"The Central Bank of Egypt announced that preliminary data shows remittances of Egyptians abroad having increased by 23% y-o-y in January to USD 1.6 bn, according to an emailed statement. The CBE says the remittances in January 2016, prior to the flotation of the EGP, were USD 1.6 bn and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":667350,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/24\/remittances-rise-39-0-y-o-y-in-april-to-usd-3-0-bn\/","url_meta":{"origin":663945,"position":4},"title":"Remittances rise 39.0% y-o-y in April to USD 3.0 bn","author":"enterpriseam admin","date":"24 June 2025","format":false,"excerpt":"This marks 14 consecutive months of y-o-y remittance growth","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/6\/1369.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":669009,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/27\/remittances-reach-all-time-may-high\/","url_meta":{"origin":663945,"position":5},"title":"Remittances reach all-time May high","author":"enterpriseam admin","date":"27 July 2025","format":false,"excerpt":"This marks the highest figure ever recorded in the month of May","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2404.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/663945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=663945"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/663945\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/663937"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/663946"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=663945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=663945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=663945"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=663945"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=663945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}