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. During the same period in 2025, inflows amounted to $26.6 billion. The year-on-year rise of approximately $7.3 billion underscores a steady upward trend in remittance flows, which have contributed significantly to Egypt’s foreign currency reserves.
Remittances for August alone saw a 21.7% increase compared to the previous year, totaling around $4.2 billion. In August 2025, inflows were approximately $3.5 billion. Although the August 2026 figure was about $300 million less than July’s $4.5 billion, the month still added roughly $4.2 billion to the cumulative total. By August, remittances had already reached $29.7 billion in the first seven months of 2026, so the eighth month’s figures boosted the total by 14.1%.
This data continues a trend that has persisted for over two years, following exchange-rate reforms introduced by the central bank in March 2024. These reforms aimed at adopting a more flexible exchange-rate system and tightening monetary policy, which have supported the growth of transfers through official channels. The government has actively promoted Egyptians abroad to use formal banking services instead of the parallel market, while expanding financial services available to overseas Egyptians.
Remittances Play a Key Role in Strengthening Egypt’s External Financial Position
Remittances are among Egypt’s primary sources of foreign currency, providing essential support for the country’s foreign-currency liquidity and alleviating pressures on its external accounts. In the fiscal year 2025/2026, which concluded in June, remittance inflows surged 29.6% to $47.3 billion, up from $36.5 billion the previous year. The rise was partly offset by recovering tourism revenues and Suez Canal receipts, which helped limit the growth of Egypt’s current account deficit during that period.
The strong remittance flows have been accompanied by 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 vital component of Egypt’s ongoing economic reform program with the International Monetary Fund, which is scheduled to conclude in December. The inflows provide policymakers with additional foreign currency resources to manage imports and external obligations effectively.
IMF Anticipates Accelerated Economic 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, a notable increase from the 4.4% growth rate in 2025. The IMF forecasts a slowdown to 4.7% in 2027. Additionally, the current account deficit is expected to widen from 4.2% of gross domestic product in 2025 to 4.4% in 2026, reaching 4.9% of GDP the following year.
Remittances reached a record $41.5 billion in 2025, reflecting a 40.5% rise from the previous year. By the end of August 2026, inflows had already achieved about 82% of that total, with $33.9 billion received so far. The central bank’s upcoming monthly data will reveal whether this growth trend continues into the remaining four months of the year. The government continues to advocate for Egyptians abroad to send money through official channels, emphasizing the importance of remittances as a key source of foreign currency alongside tourism and Suez Canal revenues.