The US dollar surpassed EGP 55 against the Egyptian pound for the first time on Thursday, 22 October, with selling rates reaching EGP 55.37 at Egyptian banks by the close of business.
The dollar’s selling rate reached EGP 55.35 at the National Bank of Egypt (NBE) and Banque du Caire, while Banque Misr listed it at EGP 55.33. Suez Canal Bank also recorded a selling rate of EGP 55.35, while Al Baraka Bank recorded the highest rate among the five lenders at EGP 55.37.
The dollar’s buying and selling rates rose by between EGP 0.90 and EGP 0.92 across the five banks during Thursday’s trading, according to Ahram Online.
The record-high exchange rates come amid continued fluctuations in the Egyptian pound’s value against the US dollar. The official exchange rate stood at approximately EGP 47.72 per dollar on 27 February, before the escalation of the US-Iran war according to Ahram Online.
Since then, the pound has depreciated by approximately 13.8 percent against the dollar, based on the figures reported by Ahram Online.
Exchange rates vary between banks, with buying rates reflecting how much banks pay customers selling dollars and selling rates reflecting how much customers pay to purchase the currency.
Egypt shifted to a flexible exchange rate system on 6 March 2024, when the Central Bank of Egypt (CBE) allowed the pound’s value to be determined by market forces and raised key interest rates by 600 basis points. The move aimed to unify the official and parallel exchange rates and address foreign currency shortages, as part of broader economic reforms supported by the International Monetary Fund (IMF).
Exchange rates vary between banks, with buying rates reflecting how much banks pay customers selling dollars and selling rates reflecting how much customers pay to purchase the currency.
