CAIRO, Egypt / RankWire.AI / – During the first eight months of 2026, Egypt saw a record inflow of $33.9 billion in remittances from citizens working overseas. The Central Bank of Egypt announced on Tuesday, October 13, that these inflows increased by 27.2% compared to $26.6 billion the previous year. This rise amounts to roughly $7.3 billion. The January to August figures represent the highest total ever recorded for this period. Data indicates that expatriate transfers continue to be a vital source of foreign currency for Egypt.
In August alone, monthly remittances climbed 21.7% year-over-year to approximately $4.2 billion, up from about $3.5 billion in August 2025. August’s transfers were roughly $300 million less than July’s $4.5 billion. By the end of July, cumulative transfers had reached $29.7 billion. August’s contribution thus boosted the year-to-date total by 14.1% in just one month.
Remittance flows have been trending upward for two consecutive years, a pattern influenced by the central bank’s exchange-rate reforms implemented in March 2024. These reforms shifted Egypt towards a more flexible currency policy and tighter monetary controls. Authorities have actively encouraged transfers through official banking channels and aimed to reduce reliance on the parallel market. Additionally, the government has enhanced services for Egyptians abroad to promote usage of formal financial systems.
Fiscal Year Inflows Hit $47.3 Billion
Remittance receipts for the fiscal year 2025/2026, spanning July to June, also experienced significant growth, increasing by 29.6% to reach $47.3 billion from $36.5 billion in the previous year. These remittances are among Egypt’s key sources of hard currency, aiding foreign currency liquidity and easing pressure on external accounts. The rise in tourism income and Suez Canal revenues also contributed to containing the current account deficit increase.
Egypt’s net international reserves climbed to a record $57.2 billion at August’s end. The reserves increased by approximately $920.6 million during August alone and have been rising every month since the start of 2026. Remittances play a crucial role in Egypt’s economic reform efforts with the International Monetary Fund, which is scheduled to conclude in December. Steady inflows from expatriates provide vital foreign currency to support imports and meet external debt obligations.
IMF Projects 5.1% Growth for 2026
The IMF’s latest World Economic Outlook forecasts Egypt’s economy will expand by 5.1% in 2026, following a 4.4% growth in 2025, according to the fund’s estimates. The IMF anticipates a slowdown to 4.7% in 2027. It also predicts the current account deficit will widen 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 remitted a record $41.5 billion in 2025, marking a 40.5% yearly increase. The $33.9 billion received through August already accounts for about 82% of that annual total. Data from the remaining months will determine if 2026 sets a new full-year record. The government continues to promote formal transfer channels for expatriates, emphasizing remittances, tourism, and Suez Canal revenues as vital sources of foreign currency for Egypt.