Egyptian Pound Weakens as USD Hits Record Highs, Crossing EGP 54 Mark Across Major Banks
The US Dollar continued its upward trajectory against the Egyptian Pound during Monday’s sessions, reaching a new milestone of EGP 54.00. Market data reveals a broad-based rally across the banking sector, with Abu Dhabi Islamic Bank (ADIB), Suez Canal Bank, and Kuwait Finance House (KFH) leading the surge, quoting the greenback at EGP 54.00 for purchase and EGP 54.10 for sale.
The momentum extended to other institutions, with Faisal Islamic Bank recording EGP 54.07 (Sale), while Arab International Bank and EGBANK hovered around the EGP 54.05 mark. Major public and private lenders, including National Bank of Egypt (NBE), Banque Misr, and CIB, maintained competitive rates ranging between EGP 53.88 and EGP 53.97. Analysts view this volatility as a reflection of ongoing liquidity adjustments and market-driven price discovery within Egypt's flexible exchange rate framework.