Egyptian expat remittances surge to $29.7 billion over 7 months

Egyptian expat remittances reached a record $29.7 billion over the first seven months of 2026, marking a significant 28.1 percent increase compared to the same period last year, according to the Central Bank. The figure represents an impressive uptick from approximately $23.2 billion during the comparable period in 2025. The Central Bank explained that remittances from Egyptians working abroad have continued their positive trend throughout July 2026, with a 20 percent year-on-year growth, totaling about $4.5 billion.

This surpasses the $3.8 billion recorded during the same month in 2025. Banking expert Sahar al-Damaty highlighted that the consistent rise in remittances from Egyptians abroad indicates a marked improvement in foreign currency inflows into the banking system. She noted that the total remittance amount of $29.7 billion for the first seven months of 2026, up from $23.2 billion in the same period last year, reflects an increase of around $6.5 billion.

Al-Damaty, speaking to Al-Masry Al-Youm, emphasized that the remittances of roughly $4.5 billion during July 2026, a 20 percent increase over the previous year, confirms the ongoing upward trend. This surge is attributed to enhanced confidence among Egyptians living abroad in official channels and the banking system's improved capacity to provide foreign currency and meet client demands.