Egypt’s Pound Strengthens as Dollar Declines; Central Bank Reserves Hit Record High
The U.S. dollar slipped against the Egyptian pound on Monday, September 8, across state-owned and private banks, as Egypt’s foreign currency reserves reached their highest level on record.
The Central Bank of Egypt (CBE) announced that net international reserves climbed to $49.25 billion by the end of August, marking a monthly increase of $214 million.
National Economic Narrative Unveiled
On Sunday, the government launched the initiative “National Economic Narrative: Policies Supporting Growth and Employment”. The event coincided with the signing of contracts for the “Red Sea Marassi” mega project, a joint development between Egypt, Emaar Misr and Saudi-based City Stars, with investments valued at EGP 900 billion (about $20 billion).
Finance Minister Ahmed Kouchouk emphasized that fiscal policy remains the backbone of Egypt’s economic framework. He said the government is pursuing “clear objectives that build on last year’s reforms, focusing on strengthening private sector partnerships, simplifying procedures, and ensuring a balanced fiscal approach aimed at reducing inflation and lowering debt levels.”
Planning and Economic Development Minister Rania Al-Mashat added that the National Narrative provides a comprehensive framework aligned with Egypt Vision 2030. She highlighted that “massive investments in infrastructure over recent years have laid a strong foundation to support production and exports.”
“Red Sea Marassi” — A Landmark Investment
The government signed partnership contracts with Emaar Misr for Development and City Stars Saudi Arabia to launch “Red Sea Marassi”, a project spanning over 10 million square meters in Soma Bay.
Emaar founder Mohamed Alabbar said the deal boosts the company’s total investments in Egypt to around $35 billion, noting that the project will generate “tens of thousands of direct and indirect jobs” and elevate Egypt’s status as a global tourism hub.
Prime Minister Mostafa Madbouly described the signing as a “strategic partnership with leading Arab companies,” stressing that the project will add thousands of hotel rooms, expand tourism capacity, and create more than 150,000 jobs during construction and operation.
He added that the initiative is part of Egypt’s broader strategy to maximize the value of real estate and tourism assets along the Red Sea and Mediterranean coasts, thereby attracting more foreign investment.
Dollar Exchange Rates – September 8, 2025
Central Bank of Egypt: EGP 48.42 (buy) – EGP 48.55 (sell)
National Bank of Egypt: EGP 48.45 – EGP 48.55
Banque Misr: EGP 48.45 – EGP 48.55
Banque du Caire: EGP 48.53 – EGP 48.63
CIB: EGP 48.45 – EGP 48.55
Bank of Alexandria: EGP 48.45 – EGP 48.55
Suez Canal Bank: EGP 48.45 – EGP 48.55
Crédit Agricole Egypt: EGP 48.43 – EGP 48.53
ADIB Egypt (highest rate): EGP 48.59 – EGP 48.69
The pound’s recent gains reflect investor confidence, bolstered by rising reserves and new investment commitments. Analysts note that Egypt’s ongoing reforms and mega-projects could further stabilize the currency in the months ahead.