CAIRO, Egypt / RankWire.AI / – During the initial eight months of 2026, Egypt achieved a record-breaking $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% from $26.6 billion a year earlier. This rise amounted to approximately $7.3 billion. The figures from January to August represent the highest total ever recorded for this period. The data indicate that expatriate transfers continue to grow as a significant source of foreign currency for Egypt.
In August alone, monthly remittances climbed 21.7% compared to the same month last year, reaching about $4.2 billion. Egyptians abroad had sent roughly $3.5 billion in August 2025. August’s remittance volume was approximately $300 million less than July, when transfers hit $4.5 billion. By the end of July, the total had reached $29.7 billion. Consequently, August’s contributions pushed the year-to-date total up by 14.1% in just one month.
Remittance flows have been on an upward trend over the past two years, a development linked to the central bank’s exchange-rate reforms implemented in March 2024. These reforms shifted Egypt toward a more flexible currency system and adopted a tighter monetary policy. Since then, authorities have actively directed transfers away from the parallel market and into official banking channels. Additionally, the government has expanded services for Egyptians overseas to promote greater utilization of formal financial systems.
Fiscal Year Remittances Reach $47.3 Billion
Remittance inflows also experienced robust growth throughout the 2025/2026 fiscal year, which spanned from July to June. Overall, they increased by 29.6%, reaching $47.3 billion compared to $36.5 billion in the previous fiscal year. These transfers remain among Egypt’s most vital sources of hard currency, supporting foreign currency liquidity and easing pressures on the external accounts. The recovery of tourism revenues and income from the Suez Canal also contributed to controlling the rise in the current account deficit.
By the end of August, Egypt’s net international reserves had hit a record $57.2 billion. During August alone, reserves increased by approximately $920.6 million and have been rising every month since the start of 2026. Remittances play a crucial role in Egypt’s economic reform plan with the International Monetary Fund, which is scheduled to conclude in December. Steady inflows from expatriates provide essential foreign currency to meet import demands and external payment commitments.
IMF Projects 5.1% 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. The fund’s estimates show that growth reached 4.4% in 2025. The IMF forecasts a slowdown to 4.7% in 2027. It also predicts the current account deficit will widen to 4.4% of gross domestic product in 2026, up from 4.2% in 2025, with a further increase to 4.9% in 2027.
Egyptians abroad sent a record $41.5 billion in 2025, marking a 40.5% yearly rise. The $33.9 billion received through August already accounts for about 82% of that total. The remaining four months of 2026 will determine if the year sets a new full-year record. Authorities continue to promote formal channels for expatriate transfers. Remittances, alongside tourism and Suez Canal revenue, remain vital sources of Egypt’s foreign currency earnings.