Egypt’s Foreign Currency Reserves Rise to $48.7 Billion in June Thanks to Record Remittances
Egypt’s foreign currency reserves increased to $48.7 billion by the end of June 2025. This growth was mainly because more Egyptians living abroad sent money back home, according to early official reports.
In April 2025 alone, remittances went up by 39% compared to April 2024, reaching around $3 billion, up from $2.2 billion the year before. From January to April 2025, remittances totaled about $12.4 billion—a 72.3% increase from $7.2 billion during the same time in 2024.
This boost in remittances and reserves comes as Egypt works to improve its economy, attract more foreign investments, and keep inflation under control. The country uses these reserves to pay for important imports and repay foreign debts.
Money sent home by Egyptians working overseas remains a key source of foreign currency for Egypt, along with income from the Suez Canal, tourism, and foreign investment.
Remittances had dropped from over $31 billion in 2021 to about $22 billion in the last two years. But the recent increase shows that Egyptians abroad trust the banking system more now. This is mostly due to a change in March 2024 when Egypt allowed the currency exchange rate to be set by the market, reducing the gap between official and black-market rates. This helped more remittances come through official channels again.
Interesting Fact
In 2024, both Egypt and the UAE were among the top 10 countries in the world for foreign investment. Egypt came in ninth, attracting $47 billion in investments.
Rise in Net Foreign Assets
Egypt’s net foreign assets (NFA)—which include reserves held by both the central bank and commercial banks—rose by $1.2 billion in May to reach $14.7 billion. These assets had gone negative in 2022 but turned positive again in May 2023.
Although there was a drop in April to $13.6 billion, March had seen a big jump due to a $1.2 billion loan from the International Monetary Fund (IMF). In May, commercial banks showed strong growth, with their foreign assets increasing by $3.2 billion to $4.8 billion—the highest since February 2021.
The IMF recently said it would combine its fifth and sixth reviews of Egypt’s economic reform plan into one review this fall. This will give Egypt more time to carry out important reforms, especially those that reduce the government’s role in the economy. The size of the next loan payment is still being discussed.
Egypt’s Economy Outlook
Finance Minister Ahmed Kouchouk said in April that Egypt’s economy is expected to grow by 4.5% in the next fiscal year, up from 4% in 2024–2025.
The country’s total economic output (GDP) is expected to grow from $336.4 billion (EGP 17.2 trillion) this year to $399 billion (EGP 20.4 trillion) in the next.
Published: 8th July 2025
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