Dollar Slides to 47 Against Egyptian Pound For 1st Time in Several Months

For the first time in several months, the US dollar has fallen to the 47-pound level against the Egyptian pound, signaling a tentative shift in Egypt’s foreign exchange market and offering a rare moment of relief to consumers and businesses closely watching currency movements.

According to the latest updates from Egyptian state-owned and private banks, the dollar declined on Sunday, amid growing market optimism fueled by recently released data from the Central Bank of Egypt (CBE). The figures pointed to an improvement in Egypt’s external economic indicators, encouraging traders and banks to adjust exchange rates downward.

At the time of writing, the Central Bank’s data showed the dollar trading at EGP 47.00 to buy and EGP 47.13 to sell, marking its lowest level in months. The move reflects a broader retreat seen over the past week, during which the dollar posted a noticeable decline against the local currency.

Major public-sector banks mirrored the central bank’s pricing. At the National Bank of Egypt, the dollar was quoted at EGP 47.04  to buy and EGP 47.14 to sell, while Bank Misr offered a slightly lower rate of EGP 47.03 to buy and EGP 47.13 to sell, according to official bank data.

The marginal differences between banks suggest a relatively stable trading environment, with no sharp volatility observed during Sunday’s transactions.

Currency movements remain a central concern for Egyptians, as the dollar’s value directly influences the prices of imported goods, from food commodities to industrial inputs. Any sustained strengthening of the pound could help ease inflationary pressures, particularly in sectors heavily dependent on imports.

Analysts note that while the latest decline is modest, it carries symbolic weight. “Breaking below the 47-pound level, even slightly, is psychologically important for the market,” said one Cairo-based banking analyst, adding that sustained improvement will depend on continued inflows and disciplined monetary policy.

The Egyptian pound’s recent performance is closely tied to external financing conditions, foreign investment flows, and the central bank’s ability to maintain confidence in the currency.