CAIRO, Egypt / RankWire.AI / – Remittances sent by Egyptians working abroad increased by 27.2% during 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. This compares to inflows of $26.6 billion in the same period of 2025, representing a year-on-year rise of approximately $7.3 billion. Covering January through August, the data confirms that transfers from Egyptian expatriates continued to grow throughout 2026, bolstering the nation’s foreign currency reserves.
Remittances in August alone increased by 21.7% year on year to about $4.2 billion, up from roughly $3.5 billion in August 2025. The August figure was about $300 million lower than July 2026, when transfers reached $4.5 billion. Nonetheless, August’s total added around $4.2 billion to the year-to-date sum. After reaching $29.7 billion in the first seven months, August’s inflows pushed the total for the period up by 14.1%, according to the first seven months of 2026.
This upward trend has persisted for over two years, driven by exchange-rate reforms introduced by the central bank in March 2024, which aimed to adopt a more flexible regime and tighten monetary policy. Since then, official channels for remittance transfers have steadily expanded, with the government actively encouraging Egyptians abroad to use formal banking systems instead of the parallel market. Additionally, financial services tailored for expatriates have been broadened.
Remittances Bolster Egypt’s External Financial Stability
Remittances are a vital source of foreign currency for Egypt, supporting banking system liquidity and alleviating pressure on external accounts. In fiscal year 2025/2026, ending in June, remittance inflows surged 29.6% to $47.3 billion from $36.5 billion the previous year. The rise was partly offset by recovering tourism revenue and Suez Canal earnings, which helped contain Egypt’s current account deficit during that period.
The robust remittance flows have coincided with an increase in Egypt’s foreign reserves. As of the end of August 2026, net international reserves hit a record $57.2 billion, according to the central bank. These inflows are also a key part of Egypt’s economic reform program with the IMF, scheduled to conclude in December. They provide policymakers with additional foreign currency to manage imports and external obligations more effectively.
IMF Forecasts Accelerated Growth for Egypt in 2026
The IMF’s latest World Economic Outlook projects Egypt’s economy to expand by 5.1% in 2026, an improvement from 4.4% growth in 2025. Growth is expected to slow slightly to 4.7% in 2027. The forecast also indicates the current account deficit will widen from 4.2% of GDP in 2025 to 4.4% in 2026, reaching 4.9% of GDP in 2027.
Remittances reached a record $41.5 billion in 2025, a 40.5% increase from the previous year. By the end of August 2026, inflows had already totaled about 82% of that amount with $33.9 billion received. The central bank’s upcoming monthly data will reveal whether the trend continues through the remaining four months. The government remains committed to promoting official transfer channels for Egyptians abroad, with remittances continuing to be a crucial component of Egypt’s foreign currency earnings alongside tourism and Suez Canal revenue.