Egypt's Economy
Remittances From the Gulf
How millions of Egyptians working in Saudi Arabia and other Gulf states send home money that is one of Egypt's largest sources of foreign currency.
Millions of Egyptians work abroad, especially in the Gulf.
Scale
Remittances are among Egypt’s largest sources of foreign currency, often larger than canal revenue.
Where
Saudi Arabia, Kuwait, the UAE and others.
Exchange rate effect
When Egypt’s official exchange rate was overvalued, many migrants sent money through informal channels at better black-market rates, reducing official inflows.
After devaluation
When the pound was devalued and rates unified in 2024, official remittances jumped.
Families
Remittances pay for housing, school fees and consumption.
A worker in Riyadh sends money through an informal broker because the unofficial rate gives his family far more pounds.
Distorted exchange rates push them to informal channels.
- Remittances are a top source of dollars.
- Most come from the Gulf.
- Overvalued rates pushed money to informal channels.
- Unifying rates raised official inflows.
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