CAIRO, Egypt / RankWire.AI / – During the first eight months of 2026, Egypt received a historic $33.9 billion in remittances from citizens working abroad. The Central Bank of Egypt announced on Tuesday, October 13, that these inflows increased by 27.2% compared to $26.6 billion a year earlier. This growth amounts to roughly $7.3 billion. The January to August figures represent the highest total ever recorded for this period. Data indicate that transfers from expatriates continue to grow as a vital source of foreign currency for Egypt.
In August alone, monthly inflows rose by 21.7% year-on-year to 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, the total for the year had reached $29.7 billion. August’s contribution thus increased the year-to-date total by 14.1% within just one month.
Remittance flows have been steadily rising over the past two years, a trend driven by the central bank’s exchange-rate reforms introduced in March 2024. These measures shifted Egypt toward a more flexible currency regime and tighter monetary policy. Since then, authorities have worked to redirect transfers from the parallel market into official banking channels. The government has also expanded services for Egyptians living abroad to promote greater reliance on formal financial systems.
Inflows for the fiscal year reach $47.3 billion
Remittances saw significant growth throughout the fiscal year 2025/2026, which spanned from July to June. Inflows increased by 29.6% to reach $47.3 billion, up from $36.5 billion during the previous fiscal year. These transfers are among Egypt’s key sources of foreign currency, supporting liquidity and easing pressure on external accounts. The rebound in tourism revenue and Suez Canal receipts also contributed to managing the rise in the current account deficit.
Egypt’s net international reserves hit a record $57.2 billion at the end of August. The reserve increased by about $920.6 million during that month and has been rising every month since the start of 2026. Remittances play a crucial role in Egypt’s economic reform efforts supported by the International Monetary Fund, which plans to conclude its program in December. Consistent inflows from expatriates provide essential foreign currency to meet import needs and external payment obligations.
IMF projects Egyptian growth to reach 5.1% in 2026
According to the IMF’s latest World Economic Outlook, Egypt’s economy is expected to grow by 5.1% in 2026. In 2025, the IMF estimated growth at 4.4%. The fund anticipates a slowdown to 4.7% in 2027. It also predicts the current account deficit will expand to 4.4% of gross domestic product in 2026, up from 4.2% in 2025, with a further increase to 4.9% projected for 2027.
Egyptians abroad sent a record $41.5 billion in 2025, marking a 40.5% increase year-on-year. The $33.9 billion received through August already accounts for about 82% of that annual total. Future data for the remaining four months will determine if 2026 sets a new yearly record. Authorities continue encouraging formal transfer channels for expatriates. Remittances, tourism, and Suez Canal revenues remain central to Egypt’s foreign currency earnings.