Egypt, Central Bank Mobilises Diaspora Wealth to Reinforce Economic Recovery

Egypt’s banking outreach to its expatriates marks a structural shift from survival economics to financial statecraft, converting remittance dependence into an instrument of macroeconomic sovereignty.

Egypt has launched a coordinated initiative that enables citizens abroad to open domestic bank accounts through embassies and consulates. The plan, developed by the Central Bank of Egypt (CBE) in partnership with the Ministry of Foreign Affairs and Emigration & Egyptians Abroad, aims to formalise expatriate deposits and expand the country’s foreign-exchange base. It follows months of rising remittance inflows and a narrowing current account deficit, positioning the diaspora as a central actor in the next phase of Egypt’s economic rebuild.