Egyptian Pound Takes a Hit: Dollar Surges to Record High

The US dollar rose slightly against the Egyptian pound, surpassing the 49 pound level for sale at Egypt’s Central Bank in Thursday’s trading.

A few days ago, the Egyptian Prime Minister. Mostafa Madbouli confirmed that what was raised about the need to move Egypt’s exchange rate or refloat the Egyptian pound was wrong. He said there were some websites that promoted previous statements by the International Monetary Fund director as if they were made these days, about Egypt’s exchange rate changes and the need to float the pound.

At the Central Bank of Egypt, the dollar averaged around 48.89 pounds for buying, compared to 49.03 pounds for selling. At the National Bank of Egypt and Bank of Egypt, the exchange rate for the US dollar reached 48.98 pounds for buying and 48.88 pounds for selling.

The average exchange rate for the euro at Egypt’s central bank was around 52.77 pounds for buying, compared to 52.92 pounds for selling. At the National Bank of Egypt and Bank Egypt, the average exchange rate for the euro reached around 52.90 pounds for buying, compared to 53.10 pounds for selling.

The British pound exchange rate recorded 63.18 pounds for buying and 63.36 pounds for selling at the Central Bank of Egypt. At the National Bank of Egypt and Bank Egypt, the exchange rate for the British pound reached around 63.14 pounds for buying and 63.54 pounds for selling.

A few days ago, the World Bank announced a schedule for the repayment of Egypt’s external debt in the current fiscal year, which includes repayment of obligations worth $60.8 billion between July 2024 and June 2025.

According to the data, the schedule includes obligations worth $14.7 billion in the first quarter of the fiscal year, which has already expired, while about $15 billion is due in the current quarter.

In the Arab world, the exchange rate for the Saudi riyal reached 12.97 pounds at Egypt’s central bank, compared with 13.01 pounds for sale. At the National Bank of Egypt and Banks of Egypt, the average exchange rate of the Saudi Riyal reached around 12.96 pounds for buying and 13.01 pounds for selling.

The Kuwaiti dinar exchange rate was stable at 158.82 pounds for buying, compared to 159.36 pounds for selling at Egypt’s central bank. At the National Bank of Egypt and Bank Egypt, it settled at 158.48 pounds for buying and 159.53 pounds for selling.

The average exchange rate of the UAE dirham at the Central Bank of Egypt reached 13.26 pounds for buying and 13.30 pounds for selling. At Egypt National Bank and Banque Misr, it settled at 13.27 pounds for buying, compared to 13.31 pounds for selling.

The exchange rate of the Qatari riyal at the Central Bank of Egypt recorded 13.36 pounds for buying and 13.40 pounds for selling. The level reached 12.49 pounds for buying compared to 13.42 pounds for selling at National Bank of Egypt and Bank Misr banks.

The prime minister said a few days ago that the IMF director’s statement was made last January before the government made all the economic reforms, and today all the IMF statements praise the Egyptian monetary policy and that it is taking good steps.

In the first week of last March, Egypt’s central bank simultaneously raised interest rates by nearly 600 points and allowed the exchange rate of the pound against foreign currencies to move according to supply and demand, leading to stabilization. Total exclusion of currency value and dollar parallel market.

The Prime Minister stressed that the movement of foreign exchange and the needs of the Egyptian state are proceeding very regularly, explaining that there are no production requirements or delays in raw materials with constant follow-up.