Egyptian Pound Strengthens as Dollar, Euro Slip Against Local Currency

The Egyptian pound posted modest gains against both the U.S. dollar and the euro at the close of trading on Thursday, as most banks across Egypt recorded lower foreign exchange rates amid continued stability in the local currency market.

Dollar

According to market data, the U.S. dollar declined slightly in major state-owned banks, with the currency trading at EGP 52.87 for purchase and EGP 52.97 for sale at both National Bank of Egypt and Banque Misr.

The same rates were also recorded at Bank of Alexandria, reflecting broad stability across the banking sector despite ongoing geopolitical pressures in the region.

Euro

The euro also weakened against the Egyptian pound in Thursday’s session. At both the National Bank of Egypt and Banque Misr, the European currency traded at EGP 61.30 for purchase and EGP 61.63 for sale. Similar levels were reported by Arab African International Bank.

According to the central bank’s latest data, the U.S. dollar recorded EGP 52.8633 for purchase and EGP 53.0011 for sale, remaining close to recent trading levels in Egypt’s banking sector.

The euro traded at EGP 61.3584 for buying and EGP 61.5237 for selling, while the British pound sterling reached EGP 70.9637 for purchase and EGP 71.1540 for sale, reflecting continued strength in European currencies against the Egyptian pound.

Among other major currencies, the Canadian dollar stood at EGP 38.3986 for buying and EGP 38.5071 for selling, while the Swiss franc recorded EGP 67.0769 and EGP 67.2774 respectively.

Scandinavian currencies also showed limited movement, with the Danish krone trading at EGP 8.2102 for purchase and EGP 8.2329 for sale, the Norwegian krone at EGP 5.7204 and EGP 5.7367, and the Swedish krona at EGP 5.6409 and EGP 5.6568.

Meanwhile, the Japanese yen, calculated per 100 yen units, registered EGP 33.2202 for buying and EGP 33.3089 for selling.

The Saudi riyal continued to trade steadily ahead of the Eid al-Adha travel season, recording EGP 14.0871 for purchase and EGP 14.1246 for sale, supported by stable demand for Gulf currencies in the Egyptian market.

The currency movements came as Fitch Ratings released a report highlighting the role of Egypt’s flexible exchange-rate policy in cushioning the economy against capital outflows and regional instability linked to tensions involving Iran, the United States, and Israel.

Fitch said Egypt’s exchange-rate flexibility helped preserve confidence in the country’s economic policies and supported the sovereign credit rating at “B” with a stable outlook.

According to the agency, net foreign assets held by the Central Bank of Egypt and the broader banking sector declined by approximately $7 billion over the two months ending April 1, falling to roughly $22 billion. Around $2 billion of that drop was attributed to lower global gold prices.

Despite the decline, the report noted that Egypt’s net international reserves remained stable at approximately $53 billion by the end of April. Fitch also said domestic dollar liquidity continues to remain at “comfortable levels,” with virtually no meaningful gap between the official exchange rate and the parallel market, signaling continued relative stability in Egypt’s foreign exchange market.

The agency warned, however, that additional risks tied to the Iran-U.S.-Israel conflict remain concentrated in Egypt’s external financial position. Under Fitch’s baseline scenario — which assumes the Strait of Hormuz reopens by July — total foreign reserves are projected to decline to around $50 billion by the end of fiscal year 2027.

Even at that level, Fitch said reserves would still cover roughly four months of external current payments, broadly aligning Egypt with the average reserve position of countries rated within the “B” sovereign category.

The latest movements in Egypt’s currency market suggest investors remain focused on external liquidity conditions, regional geopolitical developments, and the central bank’s ability to preserve exchange-rate stability while maintaining adequate foreign reserve buffers.

Dollar Exchange Rate