Egypt secures record hard-currency reserves as overseas transfers spike

Egypt’s financial sector achieved its strongest foreign reserve position in six years, boosted by a massive influx of capital from citizens living abroad. Latest data released by the Central Bank of Egypt reveals that net foreign assets held across the banking system scaled $31.2 billion as of August 2026—a peak figure not seen since 2020. Driving this capital accumulation is a persistent upward trajectory in overseas worker remittances. In July 2026 alone, Egyptians abroad sent home nearly $4.5 billion, representing a robust 20.0% surge compared to the $3.8 billion recorded in July 2025. The steady growth in transfers underscores renewed confidence in official banking channels and provides crucial hard-currency liquidity for Cairo’s broader economic stabilization efforts. Back to top button