Editing Economy of Egypt (section)

=== Remittances ===
Remittances from Egyptians working abroad constitute a key source of  hard currency for the Egyptian economy. The Minister of Emigration and Expatriate Affairs reported that the number of Egyptians living abroad has increased more than fivefold since 2013, rising from 2.7 million in 2013 to 14 million in 2023<ref name=remittances-ar>{{cite web | url=https://www.arab-reform.net/publication/bigger-than-the-ras-al-hikma-deal-egyptian-remittances-and-the-reliability-of-the-egyptian-economy/ | title=Bigger Than the Ras al-Hikma Deal: Egyptian Remittances and the Reliability of the Egyptian Economy | publisher=Arab Reform Initiative | access-date=28 February 2025 }}</ref> and according to the [[Central Bank of Egypt]] (CBE), remittances reached $23.7 billion between January and October 2024, reflecting a 45.3% increase from $16.3 billion during the same period in 2023. <ref name=remittances-dne>{{cite news | url=https://www.dailynewsegypt.com/2024/12/24/egypts-remittances-hit-23-7bn-in-10m-2024-marking-45-3-growth/ | title=Egypt’s Remittances Hit $23.7bn in 10M 2024, Marking 45.3% Growth | publisher=Daily News Egypt | date=24 December 2024 | access-date=28 February 2025 }}</ref>

Remittances recorded a decline during 2022/2023, when inflows dropped to $22.1 billion from a peak of $31.9 billion in 2021/2022, figures rebounded in 2024. This was attributed to global disruptions from the [[COVID-19 pandemic]], exchange rate volatility, and geopolitical factors, including the [[Russian-Ukrainian war]]. The March 2024 economic measures, particularly the liberalization of exchange rates and increased interest rates on Egyptian pound and dollar-denominated savings instruments, played a key role in restoring remittance inflows to the formal banking system.<ref name=remittances-dne/>

As a result of this recovery, Egypt has moved from sixth to fifth place globally among the top remittance-receiving countries, ranking behind India, Mexico, China, and the Philippines. The sustained rise in remittances underscores their continued importance to Egypt’s economy and highlights the impact of recent economic policies on foreign currency inflows.<ref name=remittances-dne/>

The Egyptian government considers remittances from Egyptians abroad vital to the economy and aims to sustain their growth as part of its broader economic strategy. To that end, the government has introduced various measures to attract remittances, including offering dollar savings certificates with some of the highest interest rates globally, according to the Minister of Emigration and Expatriate Affairs. These efforts aim to bolster foreign currency inflows and integrate remittances into the formal banking system.<ref name=remittances-ar/>

Additional incentives include customs exemptions for cars imported for personal use, requiring a foreign currency deposit refundable in Egyptian pounds after five years at the prevailing exchange rate. The government has also introduced a final exemption from compulsory conscription for draft evaders or male students abroad over the age of 18, available for a fee of $5,000 or €5,000. Furthermore, the state has promoted real estate sales in foreign currency, offering land and property to Egyptians abroad and foreign investors.<ref name=remittances-ar/>

According to a study by the [[International Organization for Migration]], most remittance-receiving households use the funds for daily expenses, but 20% portion is invested in real estate, small businesses, and other economic activities.<ref name="egypt.iom.int">{{cite web|url=http://www.egypt.iom.int/Doc/IOM%20Migration%20and%20Development%20in%20Egypt%20Facts%20and%20Figures%20(English).pdf|title=Migration and Development in Egypt|publisher=International Organization for Migration Cairo|access-date=2 December 2015|archive-date=5 February 2011|archive-url=https://web.archive.org/web/20110205011709/http://www.egypt.iom.int/Doc/IOM%20Migration%20and%20Development%20in%20Egypt%20Facts%20and%20Figures%20(English).pdf|url-status=dead}}</ref>