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Zawya
3 days ago
- Business
- Zawya
USD/EGP further drops at Egyptian banks
Arab Finance: The US dollar to EGP rate is falling, recording EGP 48.4 for buying and EGP 48.5 for selling at Banque Misr and the National Bank of Egypt (NBE) on Monday. The exchange rate between the USD and EGP hit EGP 48.38 for purchasing and EGP 48.48 for selling at the Commercial International Bank Egypt (CIB) and Al Baraka Bank Egypt. It registered EGP 48.40 for buying and EGP 48.50 for selling at the United Bank. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Zawya
4 days ago
- Business
- Zawya
USD/EGP exchange rates drop at Egyptian banks
Arab Finance: The USD exchange rate to EGP plunged on Sunday, hitting EGP 48.62 for buying and EGP 48.72 for selling at Banque Misr at 12:02 PM. It recorded EGP 48.59 for purchasing and EGP 48.69 for selling at the Commercial International Bank Egypt (CIB). At the National Bank of Egypt (NBE), the US dollar traded at EGP 48.6 for purchasing and EGP 48.7 for selling at 2:13 PM. The exchange rate hit EGP 48.58 for buying and EGP 48.68 for selling at the United Bank, Faisal Islamic Bank, and Al Baraka Bank Egypt. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Zawya
4 days ago
- Business
- Zawya
Gold sales slide 20% amid easing inflation, currency recovery
Egypt - Gold purchases in Egypt declined by 20% year-on-year in the second quarter of 2025, according to Ehab Wassef, Head of the Gold and Precious Metals Division at the Federation of Egyptian Industries. Wassef attributed this drop to improved economic conditions and the relative stability of the exchange rate, which have reduced gold's appeal as a hedge. Total gold purchases during Q2 2025 reached 11.5 tonnes, compared to 14.4 tonnes in the same period of 2024. The decline reflects a natural cooling of speculative activity that had previously dominated the market, Wassef explained, following the Egyptian pound's recovery against the dollar and easing pressure on commodity prices. Breaking down the divs, gold jewellery purchases reached 5.7 tonnes, down 17% from a year earlier, while bullion and gold coin purchases fell by 23% to 5.9 tonnes. 'This shows a reduced appetite for using gold as a protective asset, thanks to greater monetary stability and declining inflation,' Wassef noted. He also highlighted that the strengthening of the Egyptian pound and higher foreign currency inflows—supported by robust tourism revenues and foreign investments in local debt instruments—have helped calm the market. 'Citizens now feel more confident in the economy's stability and no longer rush to gold to preserve their savings as they did previously,' he added. Regarding price trends, Wassef pointed out that local gold prices recorded a noticeable decrease in July. The price of 21-karat gold fell by around 2.7%, ending the month at approximately EGP 4,520 per gram, down from EGP 4,645 at the beginning of July. This drop came despite continued volatility in global gold prices, which closed last week above $3,350 per ounce. Wassef concluded that Egypt's gold market is gradually shifting from speculation-driven demand to a more balanced environment based on real consumer needs, whether for adornment or investment. He emphasised that preserving monetary and economic stability remains essential to maintain this healthier market dynamic. © 2025 Daily News Egypt. Provided by SyndiGate Media Inc. (
