CAIRO, Egypt / RankWire.AI / – During the first eight months of 2026, Egypt saw a record $33.9 billion in remittances from citizens working abroad, according to the Central Bank of Egypt on Tuesday, October 13. This amount reflects a 27.2% increase from $26.6 billion a year earlier, amounting to roughly $7.3 billion in growth. These January to August figures represent the highest total ever recorded for this period. The data highlight the ongoing expansion of expatriate transfers as a vital source of foreign currency for Egypt.
In August alone, inflows surged by 21.7% year-on-year to approximately $4.2 billion, compared to around $3.5 billion sent in August 2025. August remittances were about $300 million less than in July, when transfers hit $4.5 billion. By the end of July, total transfers had reached $29.7 billion. The August figures boosted 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, largely influenced by the central bank’s exchange-rate reforms enacted in March 2024. These reforms aimed to introduce a more flexible currency regime and tighten monetary policy. Since then, authorities have focused on redirecting transfers from the parallel market into official banking channels, while also expanding services for Egyptians abroad to promote the use of formal financial systems.
Fiscal Year Inflows Reach $47.3 Billion
The entire fiscal year 2025/2026, spanning from July to June, experienced significant growth in remittances, totaling $47.3 billion—up 29.6% from $36.5 billion in the previous year. These transfers are among Egypt’s key sources of hard currency, supporting foreign currency liquidity and alleviating pressure on external accounts. The increase in tourism revenue and Suez Canal receipts also helped mitigate the rise in the current account deficit.
At the end of August, Egypt’s net international reserves hit a new high of $57.2 billion, rising by about $920.6 million during that month. Since the start of 2026, reserves have steadily increased each month. Remittances play a crucial role in Egypt’s economic reform program with the International Monetary Fund, which is scheduled to conclude in December. Continual inflows from expatriates help provide additional foreign currency needed for imports and external payments.
IMF Projects 5.1% Growth for 2026
The IMF’s latest World Economic Outlook predicts Egypt’s economy will expand by 5.1% in 2026, following a 4.4% growth in 2025, based on the fund’s estimates. The IMF anticipates a slowdown to 4.7% in 2027. It also forecasts the current account deficit will increase to 4.4% of gross domestic product in 2026 from 4.2% in 2025, with a further rise to 4.9% in 2027.
Egyptians abroad sent a record $41.5 billion during the calendar year 2025, marking a 40.5% annual rise. The $33.9 billion received through August already accounts for about 82% of that total. The remaining four months will determine if 2026 surpasses previous records. Authorities continue to promote official channels for remittance transfers. Remittances, tourism, and Suez Canal revenues remain central to Egypt’s foreign currency earnings.