CAIRO, Egypt / RankWire.AI / – During the initial eight months of 2026, Egypt received a record-breaking $33.9 billion in remittances from Egyptians working abroad. The Central Bank of Egypt announced on Tuesday, October 13, that these inflows increased by 27.2% from $26.6 billion a year earlier. This growth represents approximately $7.3 billion. The figures from January to August mark the highest total ever recorded for this period. The data indicates that expatriate transfers continue to be a key source of foreign currency for Egypt.
In August alone, monthly remittances surged by 21.7% compared to the same month in the previous year, reaching roughly $4.2 billion. Egyptians abroad had sent around $3.5 billion in August 2025. August’s transfers were about $300 million less than July’s, which saw remittances totaling $4.5 billion. By the end of July, the total had reached $29.7 billion. Consequently, August’s contributions increased the year-to-date total by 14.1% in just one month.
Remittances have been on an upward trend for the past two years, a pattern that followed the Central Bank of Egypt’s exchange-rate reforms introduced in March 2024. These measures transitioned Egypt toward a more flexible currency regime and tighter monetary policy. Since then, authorities have aimed to direct transfers away from the parallel market and into official banking channels. Additionally, efforts to expand services for Egyptians abroad have been implemented to encourage greater use of formal financial systems.
Fiscal Year Inflows Reach $47.3 Billion
In the fiscal year 2025/2026, which spanned from July to June, remittances experienced significant growth, rising 29.6% to $47.3 billion from $36.5 billion in the previous year. These transfers are among Egypt’s primary sources of hard currency, supporting foreign-currency liquidity and alleviating pressure on external accounts. The rebound in tourism revenues and Suez Canal receipts also helped to contain the expansion of the current account deficit.
At the end of August, Egypt’s net international reserves reached an all-time high of $57.2 billion. During August alone, reserves increased by approximately $920.6 million and have been rising each month since the start of 2026. Remittances play a vital role in Egypt’s economic reform plan with the International Monetary Fund, which is scheduled to conclude in December. Steady inflows from expatriates provide essential foreign currency to meet import needs and external payment obligations.
IMF Projects 5.1% Economic Growth for 2026
The IMF’s latest World Economic Outlook predicts Egypt’s economy will expand by 5.1% in 2026. Growth was estimated at 4.4% in 2025. The fund anticipates a moderation to 4.7% in 2027. The current account deficit is expected 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 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. Data from the remaining four months will determine if 2026 sets a new annual record. The government continues to promote official channels for expatriate transfers. Remittances, tourism, and Suez Canal revenues remain crucial to Egypt’s foreign currency earnings.