CAIRO, Egypt / RankWire.AI / – In the first eight months of 2026, remittances sent by Egyptians working abroad increased by 27.2% to reach a record $33.9 billion. The Central Bank of Egypt announced these figures on Tuesday, October 13. During the same period in 2025, inflows were $26.6 billion. The year-on-year rise of approximately $7.3 billion underscores the ongoing growth in transfers from Egyptian expatriates, contributing significantly to the nation’s foreign currency reserves.
Remittances in August alone grew 21.7% compared to the previous year, totaling about $4.2 billion. In August 2025, inflows were around $3.5 billion. The monthly total decreased by roughly $300 million from July 2026, when transfers reached $4.5 billion, but August still added approximately $4.2 billion to the cumulative sum. For the first seven months of 2026, remittances amounted to $29.7 billion, so the August figure increased the total by 14.1%.
This data continues a positive trend that has persisted for over two years. Since the Central Bank’s exchange-rate reforms in March 2024, which shifted towards a more flexible currency regime and tightened monetary policies, official remittance channels have consistently expanded. The government has actively encouraged Egyptians abroad to send money through formal banking channels instead of the parallel market. Additionally, financial services tailored for overseas Egyptians have been broadened to facilitate this process.
Remittances Bolster Egypt’s External Financial Position
Remittances are among Egypt’s primary sources of foreign currency, providing vital liquidity to the banking system and easing strain on the country’s external accounts. In the fiscal year 2025/2026, which concluded in June, remittance inflows grew by 29.6% to $47.3 billion, up from $36.5 billion the previous year. The recovery of tourism revenue and Suez Canal receipts also played a role in limiting the expansion of Egypt’s current account deficit during this period.
The strong flow of remittances has coincided with an increase in Egypt’s foreign reserves. According to central bank data, net international reserves reached a record $57.2 billion at the end of August 2026. These transfers are also a key element of Egypt’s economic reform plan with the International Monetary Fund, which is scheduled to conclude in December. Higher inflows provide policymakers with additional foreign currency to manage imports and external commitments effectively.
IMF Anticipates Accelerated Growth for Egypt in 2026
According to the IMF’s latest World Economic Outlook, Egypt’s economy is projected to expand by 5.1% in 2026, marking a rise from 4.4% growth in 2025. The IMF expects growth to slow slightly to 4.7% in 2027. The current account deficit is forecasted to widen from 4.2% of gross domestic product in 2025 to 4.4% in 2026, then to 4.9% in 2027.
Remittances for the calendar year hit a record $41.5 billion in 2025, representing a 40.5% increase over the previous year. By the end of August 2026, inflows already reached about 82% of that total, with $33.9 billion received so far. The central bank’s upcoming monthly data will reveal whether this pace continues through the remaining four months. The government continues to promote formal transfer channels for Egyptians abroad, emphasizing the importance of remittances alongside tourism and Suez Canal revenues as vital sources of Egypt’s foreign currency earnings.