CAIRO, Egypt / RankWire.AI / – Remittances sent by Egyptians working abroad increased by 27.2% in the first eight months of 2026, reaching an all-time high of $33.9 billion. The Central Bank of Egypt announced these figures on Tuesday, October 13, with inflows during the same period in 2025 totaling $26.6 billion. This surge represents an approximate year-on-year rise of $7.3 billion. The latest data, covering January through August, confirm that transfers from Egyptian expatriates continued to grow throughout 2026, bolstering the country’s foreign currency reserves.
Remittances in August alone increased by 21.7% compared to the previous year, reaching around $4.2 billion, up from approximately $3.5 billion in August 2025. The August figure was about $300 million lower than July 2026, when transfers hit $4.5 billion, yet the month still contributed roughly $4.2 billion to the total. By August, remittances had already reached $29.7 billion in the first seven months of 2026, so the eighth month’s inflows elevated the cumulative total by 14.1%.
This data continues an upward trend that has persisted for more than two years, driven by exchange-rate reforms introduced by the central bank in March 2024, which moved toward a more flexible exchange-rate system and tightened monetary policy. Official channels for remittance transfers have steadily expanded since then, with the government actively encouraging Egyptians abroad to send money through formal banking systems instead of the parallel market. Additionally, financial services for overseas Egyptians have been broadened.
Remittances Bolster Egypt’s External Finances
Remittances are among Egypt’s primary sources of foreign currency, providing vital support to foreign-currency liquidity within the banking sector and easing pressures on the nation’s external accounts. During fiscal year 2025/2026, which concluded in June, remittance inflows increased by 29.6% to $47.3 billion, up from $36.5 billion a year earlier. Recovery in tourism revenues and Suez Canal earnings also helped limit the growth of Egypt’s current account deficit during this period.
The robust remittance flows have coincided with gains in Egypt’s foreign reserves, which reached a record $57.2 billion at the end of August 2026, according to the central bank. These transfers play a crucial role in Egypt’s economic reform efforts with the International Monetary Fund, which are set to wrap up in December. Increased inflows provide policymakers with additional foreign currency to manage import demands and external obligations effectively.
IMF Forecasts Accelerated Growth for Egypt in 2026
According to the IMF’s latest World Economic Outlook, Egypt’s economy is expected to expand by 5.1% in 2026, marking an acceleration from 4.4% growth in 2025. The IMF anticipates a slowdown to 4.7% in 2027 and projects the current account deficit to widen from 4.2% of GDP in 2025 to 4.4% in 2026, eventually reaching 4.9% of GDP in 2027.
Remittances in 2025 hit a record $41.5 billion, a 40.5% increase from the previous year, and with $33.9 billion received by the end of August, 2026 inflows already constitute about 82% of that total. The central bank’s monthly data will reveal whether this momentum continues through the remaining four months. Officials continue to promote official transfer channels for Egyptians abroad, emphasizing the importance of remittances as a key component of Egypt’s foreign currency earnings alongside tourism and Suez Canal revenue.