Up to $13 billion in remittances from Egyptians abroad over 9 months: CBE

The Central Bank of Egypt (CBE) announced on Tuesday that remittances from Egyptians working abroad rose by 20.4 percent during the first quarter of the 2026/2027 fiscal year (the period from July to September 2026), reaching approximately US$ 13 billion, compared to about $ 10.8 billion during the same period the previous year.

CBE said in a statement that total inflows for the first nine months of 2026 reached a record $ 38.2 billion, up from approximately $ 30.2 billion during the corresponding period of the previous year.

Banking expert Tarek Metwally explained that this record increase in remittances reflects growing confidence in the Egyptian economy and the banking sector.

He attributed this to the success of measures taken by the CBE to stabilize the foreign exchange market and eliminate the currency rate gap between the official and parallel markets.

He added that the growth of remittances at this rate represents a positive and significant development for foreign currency resources.

Importance of remittances

Remittances are among the most important and sustainable sources of hard currency—alongside tourism revenues, exports, and foreign direct investment—and they have contributed to bolstering dollar liquidity, enhancing the state’s ability to meet its external obligations, and covering import requirements.

Metwally further explained that the reach of remittances to approximately $38.2 billion during the first nine months of 2026 confirms the continued upward trend of these inflows.

This reflects an increasing reliance by Egyptians abroad on official banking channels to transfer their savings, following the restoration of confidence in foreign exchange pricing mechanisms and the availability of foreign currency within the banking system.

He noted that maintaining this pace of growth would support stability in the foreign exchange market and alleviate pressure on the local currency.

Furthermore, it would strengthen the economy’s capacity to build robust foreign currency reserves and provide the banking sector with greater flexibility to address the needs of clients and importers.

Metwally emphasized the importance of continuing policies that preserve the flexibility of the foreign exchange market, while also offering competitive banking services to Egyptians living abroad.

This would therefore encourage them to continue sending remittances through official channels, effectively transforming these inflows into a sustainable source of support for the economy.