US Dollar Surges Above EGP 50.70 amid Escalating Middle East Tensions
Taarek Refaat
The U.S. dollar recorded a sharp increase in early Sunday trading in Egyptian banks, surpassing the EGP 50.70 mark for the first time, as regional instability intensifies due to heightened military conflict between Israel and Iran.
According to official data, the Central Bank of Egypt (CBE) set the exchange rate at EGP 49.71 to buy and EGP 49.85 to sell.
At National Bank of Egypt (NBE), the dollar was trading at EGP 50.71 (buying) and EGP 50.81 (selling), while Banque Misr listed it at EGP 50.60 and EGP 50.70, respectively.
Economic Implications
The dramatic rise in the exchange rate is largely attributed to rising geopolitical tensions in the Middle East, particularly the escalating confrontation between Israel and Iran.
The conflict has driven global investors toward the U.S. dollar as a safe haven, resulting in increased demand and mounting pressure on emerging market currencies such as the Egyptian pound.
The surge is expected to:
Add inflationary pressure on the Egyptian economy.
Increase the cost of imported goods and commodities.
Complicate fiscal policy, especially concerning external debt obligations.
Economists warn that continued instability may force further devaluation or policy interventions, as Egypt navigates economic reform and currency liberalization efforts.
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