CAIRO, Egypt / RankWire.AI / – During the first eight months of 2026, Egypt saw a historic influx of $33.9 billion in remittances from overseas workers, according to the Central Bank of Egypt on Tuesday, October 13. This figure represents a 27.2% increase from $26.6 billion a year earlier, amounting to roughly $7.3 billion more. These January to August numbers mark the highest total ever recorded for this period. The data highlight the ongoing growth of expatriate transfers as a vital source of foreign currency for Egypt.
In August alone, monthly remittances rose 21.7% year-over-year to approximately $4.2 billion, compared to around $3.5 billion sent in August 2025. August transfers were about $300 million less than July’s total of $4.5 billion. By the end of July, cumulative transfers had reached $29.7 billion, so August’s inflow pushed the year-to-date sum up by 14.1% in just one month.
Remittances have maintained an upward trend over the past two years, a pattern linked to the central bank’s exchange-rate reforms in March 2024. These measures introduced a more flexible currency regime and tighter monetary policy, encouraging expatriates to transfer funds through official banking channels instead of the parallel market. The government has also enhanced services for Egyptians abroad to promote greater use of formal financial systems.
Fiscal Year Receipts Reach $47.3 Billion
The fiscal year 2025/2026, spanning July to June, saw a significant rise in remittance inflows, increasing 29.6% to $47.3 billion from $36.5 billion in the previous year. These transfers are among Egypt’s most crucial sources of foreign currency, bolstering foreign-currency liquidity and easing pressure on external accounts. The recovery of tourism revenues along with Suez Canal receipts also contributed to containing the growth of the current account deficit.
By the end of August, Egypt’s net international reserves hit a record $57.2 billion. The reserves increased by approximately $920.6 million during August alone and have been rising every month since the beginning of 2026. Remittances continue to be a key element of Egypt’s economic reform efforts supported by the International Monetary Fund, which is expected to conclude in December. Steady inflows from expatriates provide vital foreign currency that helps Egypt meet its import needs and external debt obligations.
IMF Projects 5.1% Growth for 2026
According to the IMF’s latest World Economic Outlook, Egypt’s economy is forecasted to expand by 5.1% in 2026. In 2025, growth was estimated at 4.4%, with the IMF expecting a slowdown to 4.7% in 2027. The fund also predicts the current account deficit will increase to 4.4% of gross domestic product in 2026 from 4.2% in 2025, further rising to 4.9% of GDP in 2027.
During 2025, Egyptians abroad remitted a record $41.5 billion, marking a 40.5% annual rise. The $33.9 billion received through August already accounts for approximately 82% of that annual total. The remaining four months’ data will determine if 2026 establishes a new annual record. Authorities persist in promoting official transfer channels for expatriates, with remittances, tourism, and Suez Canal revenues remaining key contributors to Egypt’s foreign currency earnings.