Remittances from Egyptians working abroad surged by 20.4 percent year on year to reach a record $13 billion during the first quarter of the 2026/27 fiscal year, official data showed.
Figures released by the Central Bank of Egypt indicated that inflows for the July-September period increased from roughly $10.8 billion recorded during the same timeframe a year earlier.
Over the first nine months spanning January to September, remittances also touched a record $38.2 billion. This compared with $30.2 billion during the corresponding period of the previous year.
The recent growth follows a sustained recovery in transfer flows that reached $47.3 billion in the 2025/26 fiscal year, marking a 29.6 percent rise from $36.5 billion previously, according to figures published by the central bank and the Cabinet Media Center.
Authorities attributed this rebound to the return of foreign currency transfers to official banking channels. The shift was driven by the exchange-rate unification introduced in March 2024.
That policy intervention narrowed the gap between official exchange figures and parallel market rates, prompting expatriates to rely on formal financial institutions.
Remittances are one of the primary sources of foreign currency for Egypt, playing a vital role in bolstering external liquidity.
These higher financial inflows coincided with a noticeable strengthening of Egypt’s foreign currency reserves.
Data from the Finance Ministry showed that net international reserves climbed to about $57 billion in September, up from $48.7 billion in June of the previous year.
Against this economic backdrop, Moody Ratings upgraded Egypt’s sovereign credit rating to B3 from Caa1 in October, pointing to enhanced public finances, stronger revenue collection, and reforms reducing government debt burdens.
The ratings agency maintained a positive outlook for the country, reflecting expectations of relief in borrowing costs and debt obligations.
