Dollar, Euro Edge Higher Against Egyptian Pound at Market Close

The U.S. dollar strengthened against the Egyptian pound at the close of trading on Wednesday, July 8, with most banks across Egypt reporting higher exchange rates.

The latest move comes as international institutions continue to highlight improving fundamentals in Egypt's economy. 

In a recent report, Fitch Ratings said Egypt’s flexible exchange rate has played a key role in absorbing the impact of foreign capital outflows, strengthening the credibility of the country's economic policies and helping limit the effect of regional geopolitical tensions, including the conflict involving Iran, the United States, and Israel, on Egypt's sovereign credit rating, which remains at 'B' with a Stable Outlook.

Meanwhile, the Institute of International Finance (IIF) projected Egypt's government debt will continue to decline, reaching 82% of GDP in fiscal year 2026/27, down from 85.3% in 2025/26 and 86.8% in 2024/25, compared with 90.9% in 2023/24.

The IIF also forecasts Egypt's fiscal deficit will narrow to 4.9% of GDP in 2026/27, improving from 6.1% in the previous fiscal year. At the same time, the institute expects the country's primary budget surplus to increase to 5.3% of GDP, up from 4% in 2025/26.

Despite these fiscal improvements, the IIF anticipates a modest slowdown in Egypt's economic growth during 2026/27, projecting real GDP growth of 3.5%, compared with 4.1% expected in 2025/26 and 4.4% in 2024/25. Nevertheless, the forecast remains well above the 2.4% growth recorded in 2023/24, while inflation, government debt, foreign exchange reserves, and capital inflows are all expected to continue improving.

Dollar Exchange Rate

At Banque Misr, the U.S. dollar was quoted at EGP 49.57 for buying and EGP 49.67 for selling.

The National Bank of Egypt (NBE) posted identical rates, with the dollar buying at EGP 49.57 and selling at EGP 49.67.

Euro Exchange Rate

The euro also advanced against the Egyptian pound at the close of trading.

At Banque Misr, the euro was quoted at EGP 56.49 for buying and EGP 56.78 for selling.

The National Bank of Egypt reported the same exchange rates, with the euro buying at EGP 56.49 and selling at EGP 56.78.