Egyptian Pound Strengthens Slightly as Dollar Falls Across 18 Banks
The US dollar recorded a marginal decline against the Egyptian pound during mid-day trading on Monday across 18 local banks, with some banks registering drops of up to EGP 0.13. Meanwhile, the official rate at the Central Bank of Egypt (CBE) remained unchanged at EGP 48.70 for buying and EGP 48.83 for selling.
In contrast, the dollar saw a slight increase at Suez Canal Bank, where it rose by EGP 0.01 to reach EGP 48.76 for buying and EGP 48.86 for selling.
The following are the updated exchange rates from a selection of major Egyptian banks:
Housing and Development Bank: EGP 48.63 (buy) | EGP 48.73 (sell) — down 12 piasters
Faisal Islamic Bank: EGP 48.60 (buy) | EGP 48.70 (sell) — down 12 piasters
CIB (Commercial International Bank): EGP 48.62 (buy) | EGP 48.72 (sell) — down 11 piasters
AlexBank: EGP 48.62 (buy) | EGP 48.72 (sell) — down 11 piasters
Crédit Agricole Egypt: EGP 48.60 (buy) | EGP 48.70 (sell) — down 13 piasters
United Bank: EGP 48.62 (buy) | EGP 48.72 (sell) — down 10 piasters
Al Baraka Bank: EGP 48.62 (buy) | EGP 48.72 (sell) — down 10 piasters
EG Bank (Egyptian Gulf Bank): EGP 48.63 (buy) | EGP 48.73 (sell) — down 9 piasters
Banque Misr: EGP 48.68 (buy) | EGP 48.78 (sell) — down 7 piasters
Banque du Caire: EGP 48.67 (buy) | EGP 48.77 (sell) — down 8 piasters
National Bank of Egypt (NBE): EGP 48.68 (buy) | EGP 48.78 (sell) — down 6 piasters
Al Ahli Bank of Kuwait – Egypt: EGP 48.76 (buy) | EGP 48.86 (sell) — down 11 piasters
Despite the modest dip in exchange rates, currency market observers suggest that the fluctuations reflect routine trading dynamics and liquidity adjustments among local banks.
The Central Bank has yet to issue any official commentary regarding the broader trend, though analysts note the Egyptian pound has shown relative stability in recent weeks amid ongoing fiscal reforms and foreign currency inflows.