CAIRO, Egypt / RankWire.AI / – Remittances sent by Egyptians working abroad increased by 27.2% during the first eight months of 2026, reaching a historic $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. This marks a year-on-year rise of approximately $7.3 billion. The latest data, covering January to August, confirms a continuous rise in transfers from Egyptian expatriates throughout 2026, contributing significantly to the country’s foreign currency reserves.
Remittances in August alone grew 21.7% compared to the previous year, totaling around $4.2 billion. In August 2025, inflows were about $3.5 billion. The monthly total declined by roughly $300 million from July 2026, when transfers hit $4.5 billion. Despite this dip, August’s inflows still added about $4.2 billion to the overall total. For the first seven months of 2026, remittances reached $29.7 billion, so August’s figures increased the cumulative amount by 14.1%.
This upward trend has persisted for more than two years. The central bank implemented exchange-rate reforms in March 2024, shifting toward a more flexible regime and tightening monetary policy. Official channels for transfers have steadily grown since then. The government has also promoted using formal banking systems over the parallel market. Additionally, financial services for Egyptians abroad have been expanded.
Remittances bolster Egypt’s foreign exchange reserves
Remittances are among Egypt’s main sources of foreign currency. They support the liquidity of foreign currency in banks and ease pressure on external accounts. In fiscal year 2025/2026, which ended in June, remittances increased 29.6% to $47.3 billion. This compares to $36.5 billion a year earlier. Improved tourism revenues and Suez Canal income also helped limit the rise in Egypt’s current account deficit during that period.
Strong remittance flows have coincided with gains in Egypt’s foreign reserves. Net international reserves reached a record $57.2 billion at the end of August 2026, according to the central bank. These transfers are a vital part of Egypt’s economic reform plan with the International Monetary Fund, which is set to conclude in December. Higher inflows give policymakers more foreign currency to manage imports and external commitments.
IMF forecasts accelerated growth for Egypt in 2026
The IMF’s latest World Economic Outlook predicts Egypt’s economy will grow 5.1% in 2026, up from 4.4% 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 gross domestic product in 2025 to 4.4% in 2026. By 2027, it is projected to reach 4.9% of GDP.
Remittances hit a record $41.5 billion in 2025, a 40.5% increase from the previous year. By the end of August 2026, inflows already accounted for about 82% of that total, with $33.9 billion received. The central bank’s upcoming monthly data will reveal if the trend persists through the last four months. Officials continue to encourage Egyptians abroad to use formal transfer channels. Remittances remain a key contributor to Egypt’s foreign currency earnings, alongside tourism and Suez Canal revenues.