Remittances from workers abroad: Egypt is among the top 10 countries globally

Written by Ziad Abdel Fattah:

a statement Central Agency for Public Mobilization and Statistics Al-Masry stated that Egypt ranked seventh globally among the largest recipients of remittances from workers abroad during 2024, with total remittances amounting to $29.56 billion, according to the International Migration Report 2026 issued by the International Organization for Migration.

This came in a statement issued by the agency on Tuesday, on the occasion of the celebration of the International Day of Family Remittances, which falls on June 16 of each year, and aims to highlight the vital role played by migrants in supporting their families and the economies of their countries of origin.

India is the largest recipient of remittances from overseas workers.

The statement explained that Egypt came in seventh place globally after India, which topped the list with remittances amounting to $137.67 billion, followed by Mexico with $67.64 billion, then the Philippines with $40.28 billion, France with $38.78 billion, Pakistan with $34.91 billion, and China with $31.41 billion.

The agency noted that this year’s celebration is being held under the slogan “Remittances to Enhance Rural Resilience, Entrepreneurship and Employment,” in light of the increasing role of remittances as one of the most important sources of funding supporting development, especially in rural areas, which account for about half of global remittances.

$684 billion in remittances from workers abroad to low- and middle-income countries

At the international level, the report indicated that the number of international migrants around the world reached about 304 million migrants in 2026, representing 3.7% of the world’s population, while financial remittances directed to low and middle-income countries amounted to about $684 billion during 2024, and digital channels now account for 50% of total global remittances.

Regarding the performance of Egyptian remittances, data from the Central Bank of Egypt showed an unprecedented jump during the fiscal year 2024/2025, as remittances from Egyptians abroad rose to $36.5 billion, compared to about $21.9 billion during the previous fiscal year, with a growth rate of 66.7%.

The statement attributed the record increase in remittances from workers abroad to the success of policies to unify the exchange rate and eliminate the parallel currency market, which boosted the confidence of Egyptians abroad in official banking channels and encouraged them to transfer their money through the banking system.

Remittances from Egyptians working abroad also recorded about $10.8 billion during the first quarter of 2026, compared to $8.3 billion during the same period in 2025, with a growth rate of 31.1%, reflecting the continued positive performance of this important source of foreign currency.

In support of remittances and to strengthen the connection of Egyptians abroad with the national economy, the agency reviewed a number of government initiatives, including the “Open Your Account in Egypt” initiative, which allows Egyptians abroad to open bank accounts through embassies and consulates, in addition to expanding digital payment services and instant transfers through the “InstaPay” application.

Government initiatives also include investment and service programs aimed at Egyptians abroad, such as the “Your Farm in Egypt” initiative for agricultural investment, the “Your School in Egypt” initiative to support the education of the children of Egyptians abroad, in addition to developing insurance protection programs through the “Your Insurance in Egypt” initiative.

The Central Agency for Public Mobilization and Statistics confirmed that financial remittances from Egyptians abroad represent one of the most important pillars of the national economy and a major source of foreign currency, in addition to their role in supporting families, stimulating consumption and investment, and contributing to achieving the goals of sustainable development.