Egyptian Pound Gains Further as Dollar Falls Below EGP 49
The Egyptian pound continued its upward trajectory on Wednesday, with the US dollar falling below the symbolic 49-pound mark across major Egyptian banks for the first time in weeks.
The move reflects growing confidence in Egypt's foreign currency flows, buoyed by a dramatic surge in workers' remittances and a narrowing current account deficit.
According to the Central Bank of Egypt (CBE), the dollar traded at an average of EGP 49.02 for buying and EGP 49.12 for selling in early transactions. The lowest recorded buying rate stood at EGP 48.95, offered by Housing and Development Bank, while the highest selling rate reached EGP 49.32 at Abu Dhabi Islamic Bank.
The recent appreciation of the pound, by roughly 20 piasters in just 24 hours, comes on the heels of robust macroeconomic data. Expatriate Egyptians sent home approximately $26.4 billion in the first nine months of fiscal year 2024/25, marking a staggering 82.7% year-on-year increase. Analysts say this inflow has provided a critical cushion for Egypt's foreign reserves and helped stabilize the local currency.
At the National Bank of Egypt and Banque Misr, two of the country's largest state-owned lenders, the dollar stood at EGP 49.02 for buying and EGP 49.12 for selling. The Commercial International Bank (CIB) mirrored these rates, indicating a broad-based alignment among top institutions.
Bank of Alexandria posted a slightly more favorable rate for buyers at EGP 49.00, while the Housing and Development Bank undercut the market further at EGP 48.95.
Meanwhile, the Abu Dhabi Islamic Bank offered the highest rates, with the greenback priced at EGP 49.22 (buying) and EGP 49.32 (selling), likely reflecting stronger demand among its clientele for dollar liquidity.
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