CAIRO, Egypt / RankWire.AI / – During the initial eight months of 2026, Egypt received a historic $33.9 billion in remittances from its 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 a year earlier. This rise amounts to roughly $7.3 billion. The January to August figures represent the highest total ever recorded for this period. The data highlight the continued growth of expatriate transfers as a vital source of foreign currency for Egypt.
In August alone, monthly remittances climbed 21.7% year-on-year to approximately $4.2 billion. Egyptians abroad had sent about $3.5 billion in August 2025. August’s transfers were roughly $300 million less than July, when remittances reached $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.
Remittance inflows have been on an upward trend for the past two years. This pattern followed the central bank’s exchange-rate reforms implemented in March 2024. These measures transitioned Egypt to a more flexible currency system and adopted tighter monetary policies. Since then, authorities have aimed to redirect transfers from the parallel market into official banking channels. Additionally, the government has expanded services for Egyptians living abroad to promote greater use of formal financial institutions.
Inflows for fiscal year reach $47.3 billion
Remittances also experienced robust growth during the 2025/2026 fiscal year, which spanned from July to June. The total increased by 29.6%, reaching $47.3 billion compared to $36.5 billion in the previous year. These transfers remain among Egypt’s most critical sources of foreign currency, supporting liquidity and alleviating pressure on external accounts. The recovery of tourism revenues and Suez Canal income also contributed to containing 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 amount grew by approximately $920.6 million during August alone and has increased every month since the beginning of 2026. Remittances play a key role in Egypt’s economic reform efforts with the International Monetary Fund, which is scheduled to conclude in December. Steady inflows from expatriates provide additional foreign currency needed for imports and external payments.
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 estimates growth at 4.4%. The organization 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. The deficit is expected to increase further to 4.9% of GDP in 2027.
In 2025, Egyptians abroad remitted a record $41.5 billion, reflecting a 40.5% year-over-year rise. The $33.9 billion received through August already accounts for about 82% of that annual total. Data from the remaining months will determine whether 2026 sets a new full-year record. Authorities continue to promote official channels for expatriate transfers. Remittances, tourism, and Suez Canal revenue remain crucial pillars of Egypt’s foreign currency earnings.