Egyptian Pound Fluctuates: USD Hits 54.55 EGP Peak in Mid-Day Thursday Trading
The US Dollar (USD) showed a diversified price range across the Egyptian banking sector during Thursday’s sessions. Leading the market, Suez Canal Bank, FABMISR, and MIDBANK recorded the highest rates at 54.55 EGP for buying and 54.45 EGP for selling. Other major players, including ADIB and Kuwait Finance House, maintained similar levels with minor fluctuations, hovering between 54.47 and 54.55 EGP.
In contrast, Egypt’s largest state-owned banks, National Bank of Egypt (NBE) and Banque Misr, maintained a relatively mid-range position at 54.45 and 54.47 EGP respectively. Market liquidity appeared to stabilize at lower tiers in private sector banks like CIB, Housing & Development Bank, and EG Bank, where the greenback touched its daily lows at 53.67 EGP. This 1.6% spread between high and low-tier banks indicates a dynamic interbank market as institutions manage their foreign currency positions ahead of the weekend.