Transfers from Egyptians living abroad doubled, registering an increase of 107.6 percent in September compared to the previous year.

According to the Central Bank of Egypt, transfers reached 2.7 billion dollars in September, compared to 1.3 billion dollars in the same period last year.

Egyptian transfers abroad showed a considerable increase during the first 9 months of 2024 with around 20.8 billion dollars compared to 14.6 billion dollars for the same period in 2023, an increase of 42.6% according to a statement published on Monday, November 25, by the Central Bank of Egypt (ECB).

In September 2024, transfers from Egyptians reached around 2.7 billion dollars, compared to around 1.3 billion in September 2023, an increase of more than 100%.

“Egyptian transfers have shown successive increases after the reform measures of March 2024,” the ECB noted in this press release.

During the first quarter of fiscal year 2024/2025 (July-September 2024) transfers reached approximately $8.3 billion, an increase of 84.4% compared to the same period in 2023 (approximately $4.5 billion).

These transfers had dropped by around 30% during the fiscal year (2022—23) due to the big difference between the official dollar exchange rate, which was then set at 30.95 pounds, and its black market price, which was close to £70.