Egyptian Pound Rises to 16-Month High on Strong Foreign Currency Inflows, Record Remittances

The Egyptian pound climbed to its highest level in 16 months against the U.S. dollar, supported by robust foreign currency inflows from portfolio investments, tourism revenues, and record remittances from Egyptians abroad.

During Monday’s trading session, the pound strengthened to EGP 47.19 for buying and EGP 47.29 for selling per U.S. dollar, marking its strongest performance since mid-2024.

US Dollar 47.16 47.30

Euro 54.40 54.57

Pound Sterling 61.99   62.19

Canadian Dollar 33.66.  33.76

Danish Krone 7.28   7.30

Norwegian Krone 4.65   4.68

Swedish Krona 4.96   4.98

Swiss Franc 58.60   58.81

Japanese Yen 100  30.62   30.71

Saudi Riyal 12.57   12.61

Kuwaiti Dinar 153.54   154.13

Bankers told Bloomberg earlier that the pound’s appreciation over the past three months has been fueled by increased foreign exchange resources, including foreign investment in local Treasury bills and bonds, a rebound in tourism, and sustained remittance flows from Egyptians working overseas.

Egypt aims to attract $42 billion in foreign direct investment (FDI) during the current fiscal year, which began in July 2025. Meanwhile, remittances reached an all-time high of $36.5 billion in the FY2024/25, up 66% year-on-year, the highest level in the country’s history.

According to a report by the Central Bank of Egypt (CBE) released on Monday, the net foreign assets (NFA) surplus in the banking sector, which includes both commercial banks and the CBE, rose by 16% in September to $20.78 billion, following a 3.2% drop in August.

The rebound was driven primarily by a 34.1% increase in foreign assets held by commercial banks, bolstered by new inflows of foreign investment and remittance income.

Net foreign assets represent the total value of banks’ holdings of foreign deposits and savings, which can be liquidated to meet obligations when needed.

The improvement in Egypt’s external position has come despite earlier volatility. In August, the NFA surplus unexpectedly fell even as the dollar weakened against the pound, a movement largely attributed to timing differences in foreign investment inflows and debt servicing payments.