Egypt's Remittances Hit Record $13B, Up 20.4% in July-September
Central bank data show a 20.4% yearly rise in the first quarter of fiscal 2026-27, with nine-month transfers up 26.5% to $38.2B.
Egyptians working abroad sent home $13B in July through September, a record for a single quarter and 20.4% more than the $10.8B transferred in the same three months of 2025, according to Central Bank of Egypt figures. Those three months were the opening quarter of the country's 2026-27 fiscal year.
The nine-month tally ran higher still. Remittances reached about $38.2B in January-September, up 26.5% from $30.2B a year earlier — a gain of roughly $8B.
Why the money moved into banks
The recovery traces back to the central bank's exchange-rate reforms in March 2024. A more flexible rate narrowed the gap between official and parallel prices for the Egyptian pound, giving expatriates a reason to send money through licensed banks rather than informal handlers. Wider digital transfer services and banking products built for Egyptians abroad reinforced the shift.
For Egypt the flows matter beyond the headline figure. Remittances are a major source of foreign currency and support the external financial position. They also underpin banking-system liquidity, help finance imports and provide balance-of-payments relief. The money reaches households directly, which ties the transfers to domestic demand as well as to the country's external accounts.
The largest inflow on the books
Across fiscal 2025-26, remittances rose 29.6% to $47.3B from $36.5B, making them the largest reported foreign-currency inflow category for the year. Tourism revenues climbed 10.3% to $18.4B, and Suez Canal transit receipts rose 21.6% to $4.4B. Both remain far behind remittances as a source of hard currency.
The central bank recorded an overall balance-of-payments surplus of $2.8B for the fiscal year, reversing a $2.1B deficit in 2024-25. Net capital and financial account inflows reached $23.2B, supported by foreign direct investment and portfolio investment.
Growth firmed alongside. Real GDP expanded 5.1% in fiscal 2025-26 against 4.4% the year before, helped by non-oil manufacturing, which grew 9%, along with the Suez Canal and petroleum refining. Net international reserves reached about $57.5B at the end of October, a record level. Reserves at that level form the buffer behind the exchange-rate regime.
In September the IMF said Egypt could withstand regional economic pressures, citing its policy response, exchange-rate flexibility and stronger macroeconomic buffers. The fund added that structural reforms, lower public debt and a larger private-sector role are needed to sustain growth and reduce exposure to future shocks.
Indicators now point to improved resilience and a greater capacity to absorb external shocks — a reading that rests on dollars arriving through official channels rather than on the parallel market. The IMF's caveat is the part that matters over longer horizons. Flexibility and buffers buy time; lower public debt and a deeper private sector are what would keep the external accounts steady if remittances ever slow.
