US Dollar Steady at Higher Levels Against Egyptian Pound

The US dollar in Egypt remains steady at higher levels against the pound, with recent trades settling above 48.60 pounds in most Egyptian banks.

Geopolitical tensions between Israel and Hezbollah are affecting neighboring economies, including Egypt, which is weighing on the exchange market despite improved dollar liquidity and an increase in the country’s foreign exchange reserves, which hit a record high of $46.6 billion in late August.

Egypt’s Chemical and Fertilizer Exports Exceed $5 Billion in 8 Months

Egypt’s chemical and fertilizer exports have exceeded $5 billion in just 8 months, a significant boost to the country’s economy.

Central Bank Decisions and International Monetary Fund Agreement

Last March, Egypt’s Central Bank decided to devalue the Egyptian pound against the dollar, in addition to a package of other decisions related to raising interest rates to record rates, as part of reform measures, to complete a financing agreement with the International Monetary Fund worth $8 billion.

Impact of Geopolitical Tensions on Gold Prices

Israel’s recent airstrikes in southern Lebanon have cast a shadow over gold prices as a safe haven, affecting the Egyptian economy’s benefit from the US central bank’s decision to ease monetary policy by cutting interest rates by half a percentage point.

Exchange Rates in Egypt

Crédit Agricole Egypt, Kuwait’s Al-Ahly, and Suez Canal Bank have the highest dollar exchange rates at 48.71 pounds for buying, compared to 48.81 pounds for selling. At the Central Bank of Egypt, the dollar exchange rate was stable at 48.62 pounds for buying and 48.76 pounds for selling.

The National Bank of Egypt and Bank of Egypt have a dollar exchange rate of 48.66 pounds for buying, compared to 48.76 pounds for selling.

European Currency Exchange Rates

The highest exchange rate for the single European currency, the euro, was 54.45 pounds for buying and 54.66 pounds for selling at Kurdish Agricole Bank. At the National Bank of Egypt and Bank of Egypt, the euro exchange rate was stable at 54.38 pounds for buying, compared to 54.59 pounds for selling.

Arab World Currency Exchange Rates

The Kuwaiti dinar exchange rate reached 159.23 pounds for buying and 159.79 pounds for selling at the Central Bank of Egypt. At the National Bank of Egypt and Banque Misr banks, the Kuwaiti dinar exchange rate reached around 158.82 pounds for buying and 159.88 pounds for selling.

The Saudi Riyal exchange rate at the Central Bank of Egypt was around 12.94 pounds for buying and 13 pounds for selling. At the National Bank of Egypt and Bank Misr, the exchange rate for the Saudi riyal reached around 12.94 pounds for buying, compared to 12.99 pounds for selling.

The UAE dirham exchange rate reached 13.24 pounds for buying, compared to 13.28 pounds for selling at Egypt’s central bank. At the National Bank of Egypt and Banque Misr banks, the average exchange rate for the UAE dirham was around 13.24 pounds for buying, compared to 13.27 pounds for selling.

The Qatari riyal exchange rate was stable at 13.34 pounds for buying compared to 13.38 pounds for selling at the Central Bank of Egypt. At the National Bank of Egypt and Bank Egypt, levels for buying reached 12.46 pounds and for selling at 13.39 pounds.