RIYADH: Remittances from Egyptians working abroad rose 20.4 percent year on year to a record $13 billion in the first quarter of fiscal year 2026/27, official data showed. The July-September inflows increased from about $10.8 billion in the same period a year earlier, according to data released by the Central Bank of Egypt. Remittances also reached a record $38.2 billion during the first nine months of 2026, covering January to September, compared with $30.2 billion in the same period a year earlier. Remittance inflows sustain recovery The latest increase follows a sustained recovery in remittance flows, which reached a record $47.3 billion in FY2025/26, up 29.6 percent from $36.5 billion in the previous fiscal year, according to figures published by the Central Bank of Egypt and the Cabinet’s Media Center. The rebound has been supported by the return of foreign currency transfers to official banking channels following the exchange-rate unification introduced in March 2024. The move helped narrow the gap between official and parallel market rates and encouraged Egyptians abroad to use formal financial institutions. Remittances are among Egypt’s largest sources of foreign currency, supporting its external liquidity position. The increase in inflows has coincided with a strengthening of Egypt’s foreign reserves. Net international reserves reached about $57 billion in September 2026, compared with $48.7 billion in June 2025, according to the Finance Ministry. Credit rating outlook improves In October, Moody’s Ratings upgraded Egypt’s sovereign credit rating to B3 from Caa1, citing improved public finances, stronger revenue collection and economic reforms that have helped put government debt and interest burdens on a declining path. The agency maintained a positive outlook, reflecting the potential for further improvement in the country’s debt burden and borrowing costs. The upgrade, announced on Oct. 16, applies to the government’s long-term local- and foreign-currency issuer ratings and foreign-currency senior unsecured debt ratings. The move followed decisions by other major rating agencies. S&P Global Ratings affirmed Egypt’s sovereign ratings at B/B with a stable outlook on Oct. 9, while Fitch Ratings affirmed its B rating with a stable outlook on Oct. 8.