CAIRO, Egypt / RankWire.AI / – The Central Bank of Egypt announced on Tuesday, October 13, that Egypt experienced a historic inflow of $33.9 billion in remittances from citizens working abroad during the initial eight months of 2026. This amount reflects a 27.2% increase from $26.6 billion recorded in the same period last year, equating to roughly $7.3 billion in additional funds. These January to August figures represent the highest total ever documented for this timeframe. The data indicate that expatriate money transfers continue to grow, serving as a crucial source of foreign currency for Egypt.
In August alone, monthly remittance inflows surged by 21.7% compared to the previous year, reaching approximately $4.2 billion. Egyptians abroad had sent about $3.5 billion during August 2025. Although August’s transfers were around $300 million less than July’s $4.5 billion, the cumulative total had already reached $29.7 billion by the end of July. This means August’s inflows boosted the year-to-date figure by 14.1% in just one month.
The upward trend in remittances has persisted over the past two years, largely driven by the central bank’s exchange-rate reforms implemented in March 2024. These adjustments transitioned Egypt toward a more flexible currency regime and tighter monetary policy. Since then, authorities have actively promoted transfers through official banking channels and aimed to divert funds from the parallel market. Additionally, efforts to expand services for Egyptians living abroad have encouraged greater use of formal financial systems.
Fiscal Year Inflows Total $47.3 Billion
Remittance receipts also experienced significant growth throughout the fiscal year 2025/2026, which spans from July to June. The total increased by 29.6%, reaching $47.3 billion compared to $36.5 billion in the previous fiscal year. These transfers are among Egypt’s most vital sources of foreign currency, supporting foreign-currency liquidity and alleviating pressures on external accounts. The recovery of tourism revenues and Suez Canal receipts contributed to containing the rise in the current account deficit.
At the end of August, Egypt’s net international reserves hit a record 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 crucial role in Egypt’s economic reform efforts with the International Monetary Fund, which are scheduled to conclude in December. Stable inflows from expatriates provide additional foreign currency needed for imports and external payments.
IMF Projects 5.1% Growth for Egypt in 2026
The IMF’s latest World Economic Outlook anticipates a 5.1% growth rate for Egypt in 2026, following a 4.4% expansion in 2025, according to the fund’s estimates. The IMF expects this growth to moderate slightly to 4.7% in 2027. Additionally, the current account deficit is forecasted to expand to 4.4% of gross domestic product in 2026 from 4.2% in 2025, with a further rise to 4.9% of GDP projected for 2027.
Egyptians abroad remitted a record $41.5 billion during the calendar year 2025, marking a 40.5% year-on-year increase. The $33.9 billion received through August already accounts for about 82% of that annual total. The remaining four months’ data will determine if 2026 sets a new full-year record. The government continues to promote official transfer channels for expatriates, with remittances, tourism, and Suez Canal revenues remaining key sources of Egypt’s foreign currency earnings.