The Central Bank of Egypt announced a significant increase in remittances from Egyptian workers abroad, rising by 28.1% to 29.7 billion dollars during the first seven months of 2026. This marks a substantial growth compared to the same period last year, which saw 23.2 billion dollars in remittances. The bank's data indicates a steady upward trend in remittances, showcasing a boost in foreign currency inflows into the Egyptian banking system.
In July 2026 alone, remittances from Egyptian workers abroad reached 4.5 billion dollars, representing a 20% year-on-year increase. This compares to 3.8 billion dollars in July 2025, highlighting a notable surge in remittances during the month. The consistent growth in remittances underscores the confidence of Egyptians abroad in the national economy and the banking system's ability to provide foreign currency and meet customer needs.
Sohar El-Damaty, a banking expert, attributed the continuous rise in remittances to improved foreign currency inflows into the banking system. She noted that the increase to 29.7 billion dollars in the first seven months of 2026, up from 23.2 billion dollars in the same period last year, translates to an additional 6.5 billion dollars. This significant growth reflects positively on the Egyptian economy.
El-Damaty further emphasized that the July 2026 remittance figure of 4.5 billion dollars, representing a 20% year-on-year increase, confirms the ongoing upward trend in remittances. She cited improved confidence among Egyptians abroad in official channels and the banking system's enhanced capacity to provide foreign currency and meet customer needs as key factors contributing to this trend.
The growth in remittances is seen as a positive indicator for Egypt's economy, reflecting the trust of Egyptians abroad in the national economy. This trend is expected to continue, providing essential foreign currency for the country. The Central Bank's data suggests that remittances will remain a crucial component of Egypt's foreign exchange earnings.
The Egyptian economy has faced challenges in recent years, including a shortage of foreign currency. However, the recent surge in remittances has helped alleviate some of these pressures. The government's efforts to improve the business environment and encourage investment have also contributed to the growth in remittances.
The Central Bank's decision to maintain interest rates and the government's economic policies have been seen as supportive of the growth in remittances. The banking expert, El-Damaty, described the Central Bank's decision as balanced, considering the current economic conditions.
Key points
- Remittances from Egyptian workers abroad reached 29.7 billion dollars in the first 7 months of 2026.
- The growth in remittances reflects improved confidence in the national economy and the banking system.
- Remittances are a crucial source of foreign currency for Egypt.
