CAIRO, Egypt / RankWire.AI / – During the initial eight months of 2026, Egypt received a historic sum of $33.9 billion in remittances from its citizens working abroad, according to the Central Bank of Egypt announcement on Tuesday, October 13. The inflows increased by 27.2% compared to $26.6 billion in the same period last year, representing a gain of roughly $7.3 billion. These January to August figures mark the highest total ever recorded for this period, illustrating the continued growth of expatriate transfers as a vital source of foreign currency for Egypt.
In August alone, monthly remittances surged 21.7% year-over-year to approximately $4.2 billion, up from about $3.5 billion sent by Egyptians abroad in August 2025. August’s transfers were roughly $300 million less than July’s total of $4.5 billion, which previously brought the cumulative amount to $29.7 billion by the end of July. The addition of August’s inflows increased the year-to-date total by 14.1% in just one month.
Remittance flows have been on an upward trajectory for the past two years, a trend largely driven by the central bank’s exchange-rate reforms implemented in March 2024. These reforms transitioned Egypt to a more adaptable currency regime and adopted a tighter monetary policy, with authorities actively working to direct transfers from the parallel market into official banking channels. Additionally, the government has enhanced services for Egyptians living overseas to promote greater reliance on formal financial systems.
Fiscal Year Inflows Reach $47.3 Billion
Remittances also experienced robust growth throughout the fiscal year 2025/2026, which spanned from July to June, increasing by 29.6% to reach $47.3 billion compared to $36.5 billion in the prior fiscal year. These transfers continue to be among Egypt’s most significant sources of hard currency, supporting foreign currency liquidity and alleviating pressure on the country’s external accounts. The recovery in tourism revenue and earnings from the Suez Canal also played a role in limiting the expansion of 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 grew by approximately $920.6 million, and the total has been increasing each month since the start of 2026. Remittances are a crucial element of Egypt’s economic reform efforts with the International Monetary Fund, which is scheduled to conclude in December. Steady inflows from expatriates provide vital foreign currency to meet import needs and fulfill external debt obligations.
IMF Projects 5.1% Growth for Egypt in 2026
According to the IMF’s latest World Economic Outlook, Egypt’s economy is expected to grow by 5.1% in 2026, following a 4.4% expansion in 2025, based on the fund’s estimates. The IMF further predicts a slowdown to 4.7% growth in 2027 and anticipates the current account deficit will widen to 4.4% of gross domestic product in 2026 from 4.2% in 2025, with a further increase to 4.9% of GDP projected for 2027.
In 2025, Egyptians abroad sent a record $41.5 billion, reflecting a 40.5% annual increase, and the $33.9 billion received through August already accounts for roughly 82% of that total. The remaining four months’ data will determine if 2026 sets a new annual record. The government continues to promote formal transfer channels for expatriates, emphasizing the importance of remittances, tourism, and Suez Canal revenues as key contributors to Egypt’s foreign currency earnings.