Remittances from Egyptians working abroad increased by 28.1 percent year-on-year to around $29.7 billion during the first seven months of 2026. This is up from $23.2 billion in the same period of 2025, according to data released by the Central Bank of Egypt on Monday. The significant surge in remittances is a critical source of foreign currency for Egypt.
In July alone, remittances reached around $4.5 billion, rising 20 percent from $3.8 billion in July 2025. They were also around $300 million higher than the $4.2 billion recorded in June 2026. The latest figures extend a strong upward trend in remittance inflows over the past two years, providing a boost to Egypt's economy.
The recovery in remittances accelerated following Egypt's March 2024 exchange-rate reforms. These reforms included a shift towards a more flexible exchange-rate regime and monetary tightening. The reforms largely eliminated the gap between official and parallel-market exchange rates, encouraging Egyptians abroad to send money through banks and other formal channels.
Remittances reached a record $47.3 billion in FY2025/2026, which ended in June, up 29.6 percent from around $36.5 billion in FY2024/2025. Egypt has also introduced measures to encourage expatriates to use the formal financial system and expand the services available to Egyptians living overseas.
Remittances remain a critical source of foreign currency for Egypt, alongside tourism receipts, exports, Suez Canal revenues, and foreign investment. Strong remittance inflows support foreign-currency liquidity and help ease pressure on Egypt's external accounts, making them an important component of the country's economic reform programme with the International Monetary Fund.
The Central Bank of Egypt's next Monetary Policy Committee meeting is scheduled for 24 September to review key interest rates. The surge in remittances is expected to have a positive impact on Egypt's economy, and the meeting will provide insights into the country's monetary policy and its impact on the economy.
The Egyptian government has been working to encourage expatriates to use the formal financial system. The country has introduced measures to expand the services available to Egyptians living overseas, which is expected to further boost remittance inflows and support the country's economy.
Key points
- Remittances from Egyptians working abroad increased by 28.1 percent year-on-year to around $29.7 billion during the first seven months of 2026.
- The recovery in remittances accelerated following Egypt's March 2024 exchange-rate reforms.
- Remittances reached a record $47.3 billion in FY2025/2026, up 29.6 percent from around $36.5 billion in FY2024/2025.
