CAIRO, Egypt / RankWire.AI / – The Central Bank of Egypt announced on Tuesday, October 13, that Egypt’s remittances from citizens working abroad reached a historic $33.9 billion during the initial eight months of 2026. This amount reflects a 27.2% increase from $26.6 billion a year earlier, translating to an approximate gain of $7.3 billion. The figures for January through August represent the highest total ever recorded for this period. The data indicate that expatriate money transfers continue to be a vital source of foreign currency for Egypt.
In August alone, monthly inflows surged by 21.7% compared to the same month in 2025, reaching approximately $4.2 billion. Egyptians abroad had sent about $3.5 billion in August 2025. August’s remittance volume was roughly $300 million less than July, when transfers hit $4.5 billion. By the end of July, total remittances had accumulated to $29.7 billion. Therefore, August’s contributions increased the year-to-date total by 14.1% in just one month.
Remittance flows have been on an upward trend for the past two years, a pattern influenced by the central bank’s exchange-rate reforms introduced in March 2024. These reforms transitioned Egypt to a more flexible currency system and a tighter monetary policy. Since then, authorities have actively worked to redirect transfers from the parallel market into official banking channels. Additionally, the government has expanded services for Egyptians living overseas to promote greater engagement with the formal financial system.
Fiscal Year Inflows Reach $47.3 Billion
In the fiscal year 2025/2026, which spanned from July to June, remittances saw significant growth, increasing by 29.6% to reach $47.3 billion from $36.5 billion in the previous year. These transfers are among Egypt’s most crucial sources of hard currency, supporting foreign-currency liquidity and alleviating pressures on the country’s external accounts. The rise was partly contained by recovering revenues from tourism and the Suez Canal.
At the end of August, Egypt’s net international reserves hit an all-time high of $57.2 billion. During August alone, reserves increased by roughly $920.6 million and have been rising each month since the beginning of 2026. Remittances continue to play a key role in Egypt’s economic reform efforts with the International Monetary Fund, which is set to conclude in December. Persistent expatriate inflows provide additional foreign currency to meet import needs and external debt obligations.
IMF Projects 5.1% Growth for Egypt in 2026
According to the IMF’s latest World Economic Outlook, Egypt’s economy is expected to expand by 5.1% in 2026, following a growth rate of 4.4% in 2025, as estimated by the fund. The IMF anticipates a slight slowdown to 4.7% in 2027. The current account deficit is forecasted to widen to 4.4% of gross domestic product in 2026 from 4.2% in 2025, with a further increase to 4.9% projected for 2027.
Egyptians abroad remitted a record $41.5 billion in 2025, marking a 40.5% increase year-over-year. The $33.9 billion received through August already makes up about 82% of that annual total. Data from the remaining months will determine if 2026 sets a new yearly record. The government continues to promote official transfer channels for expatriates, with remittances, tourism, and Suez Canal revenues remaining vital sources of foreign currency for Egypt.