Euro Exchange Rate Stabilizes in Egypt Alongside Record Foreign Reserve Surge and Steady Interest Rates

Thursday 1 October 2026 06:28

Calm Conditions Across Currency Markets as Monthly Trading Opens

The Euro exchange rate kicked off trading today, Thursday, October 1, 2026, holding stable levels across branch networks operating in Egypt as the new month’s session got underway.

Highest and Lowest Buying and Selling Rates

Trading figures varied across financial institutions as follows:

Selling Rates: Faisal Islamic Bank topped the list for the highest Euro selling price at EGP 59.33, with Industrial Development Bank coming second at EGP 59.22, followed by Al Ahli Bank of Kuwait at EGP 59.16. On the other end, Crédit Agricole offered the lowest selling rate at EGP 58.94, followed by Al Baraka Bank at EGP 58.95 and HSBC at EGP 58.98.

Buying Rates: Faisal Islamic Bank recorded the highest buying price at EGP 59.01, while institutions like National Bank of Kuwait quoted EGP 58.85, followed by SAIB Bank at EGP 58.82. The United Bank posted the lowest buying offer at EGP 58.48, followed by Al Ahli Bank of Kuwait at EGP 58.67 and Crédit Agricole at EGP 58.72.

Trading Levels in Major Banks and the Central Bank

Across state-owned lenders (National Bank of Egypt and Banque Misr), the Euro settled at EGP 58.99 for sale and EGP 58.79 for purchase. At Commercial International Bank (CIB), it stood at EGP 59.01 for sale and EGP 58.78 for purchase. Meanwhile, the Central Bank of Egypt reported average rates of EGP 59.13 for sale and EGP 58.96 for purchase.

Anticipation Ahead of Monetary Policy Committee Decisions

Exchange rate stability comes as key interest rates remain unchanged at 19% for deposits, 20% for lending, and 19.50% for the main operation rate. Financial circles are closely monitoring the two remaining Monetary Policy Committee meetings on October 29 and December 17, with market consensus leaning toward postponing interest rate cuts until next year.

Foreign Reserves Reach Historical Peak

In parallel macroeconomic developments, Central Bank figures showed foreign reserve holdings expanding by $920 million to reach an all-time peak of $57.21 billion in August, up from $56.29 billion in July, bolstered by major international currencies, gold reserves, and Special Drawing Rights.