Dollar Stabilizes Against Egyptian Pound in Saturday Trading Across Egyptian Banks
The US dollar maintained relative stability against the Egyptian pound during Saturday trading across Egyptian banks, following recent fluctuations witnessed earlier this week amid regional geopolitical tensions and global market uncertainty.
According to the latest banking updates, the dollar recorded an average of EGP 52.87 for buying and EGP 52.97 for selling at major state-owned banks including the National Bank of Egypt and Banque Misr. Similar levels were also recorded at several private banks operating in the local market.
At the Central Bank of Egypt, the dollar recorded approximately EGP 53.36 for buying and EGP 53.50 for selling, according to official exchange rate data.
At the Central Bank of Egypt, the dollar recorded approximately EGP 53.36 for buying and EGP 53.50 for selling, according to official exchange rate data.
Meanwhile, Abu Dhabi Islamic Bank continued to offer the highest buying rate among major banks, with the dollar reaching EGP 52.93 for buying and EGP 53.03 for selling.
Market analysts attributed the relative stability to the weekly banking holiday, alongside cautious trading conditions following recent volatility in foreign exchange markets linked to regional developments and investor sentiment toward emerging markets.
The Egyptian banking sector has witnessed notable exchange rate movements in recent sessions, with the dollar retreating from higher levels recorded earlier this month before stabilizing during the weekend.