The dollar exchange rate rose significantly against the Egyptian pound on Sunday, amid a wave of global turmoil gripping financial markets and causing a state of confusion in world currencies.
The exchange rate at the Central Bank of Egypt recorded 51.05 to buy and 51.19 to sell by the end of Sunday's trading.
At the National Bank of Egypt (NBE), the greenback recorded EGP 51.07 to buy and 51.17 to sell.
And at Banque Misr, the buying price recorded EGP 51.07, while the selling price stood at EGP 51.17.
It should be noted that the dollar exchange rate in January was calculated at EGP 50.3 and EGP 50.5 in February.
Net foreign assets of banks rose to approximately $10.21 billion by the end of February, compared to approximately $8.7 billion in January.
US President Donald Trump sparked a trade war last Wednesday when he decided to impose tariffs on various countries around the world, starting at a minimum of 10% and increasing according to each country's trade balance.
Global markets collapsed in the wake of Trump's tariff decisions. Wall Street lost approximately $5.4 trillion over the past two days, Wednesday and Thursday, according to Financial Times calculations. Stock exchanges in London, Frankfurt, and Asian markets also suffered heavy losses, and oil prices fell to $62 a barrel, losing more than 8%.
Dollar Exchange Rate
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