Egypt remittances hit record $13bn in Q1 FY2026/27

Egypt remittances from citizens working abroad rose 20.4 per cent to a record $13bn in the July–September quarter, the first of fiscal year 2026/27, the Central Bank of Egypt said on 10 November.

Inflows in the quarter were up from about $10.8bn in the same period a year earlier, the central bank said. For the first nine months of calendar 2026, remittances reached a record $38.2bn, up from roughly $30.2bn in January–September 2025.

Egypt’s fiscal year runs from 1 July to 30 June. The latest figures extend a run of growth that began after the Central Bank of Egypt (CBE) allowed the pound to be set by the market in March 2024, a move that closed the gap between the official and parallel exchange rates and drew transfers back into the banking system.

Egypt remittances build on a record year

Remittances totalled a record $47.3bn in FY2025/26, up 29.6 per cent from $36.5bn a year earlier, according to CBE data. The $13bn quarterly total compares with an average of roughly $11.8bn a quarter over that year.

Earlier monthly releases show inflows of about $4.5bn in July, up 20 per cent year on year, and about $4.2bn in August, up 21.7 per cent. The nine-month total represents growth of about 26 per cent on the $30.2bn recorded a year earlier.

Remittances from Egyptians working abroad are among the country’s largest sources of foreign currency and underpin its external liquidity position.

Why the inflows matter for Egypt’s external position

The rise has coincided with a build-up in reserves. Net international reserves rose to a record of about $57.5bn at the end of October, from $57.35bn at the end of September, according to provisional CBE data released on 5 November.

Rating agencies have responded. Moody’s upgraded Egypt’s sovereign rating to B3 from Caa1 on 16 October, keeping a positive outlook and citing fiscal consolidation, stronger revenue collection and reforms that have reduced debt and interest burdens. Earlier in October, Fitch Ratings affirmed Egypt at B with a stable outlook, and S&P Global Ratings affirmed its B/B ratings with a stable outlook a day later.

The stronger foreign-currency position comes as price pressures ease. Urban inflation slowed to 12.7 per cent in October, a nine-month low, from 13.9 per cent in September. Separately, the CBE raised its key rates by 100 basis points, lifting the overnight deposit rate to 20 per cent on 29 October, as Outlook Middle East reported.

What happens next

The CBE publishes monthly data on Egypt remittances, so the next release will show whether the pace held into October.

The inflows also matter for the government’s financing plans. Rating agencies have repeatedly cited Egypt’s improving external position, and a sustained rise in hard-currency receipts from workers abroad reduces the economy’s reliance on portfolio flows and multilateral lending to cover its import bill.

For banks and payment companies, the data point to sustained transfer volumes through official channels. Statements and data are available on the Central Bank of Egypt website.