The Egyptian pound weakened against both the U.S. dollar and the euro at the close of trading on Wednesday, with most local banks posting higher exchange rates for the two currencies despite continued improvements in Egypt's external financial position.
The U.S. dollar edged higher across the banking sector, with the Commercial International Bank (CIB) quoting the greenback at EGP 51.32 for buying and EGP 51.42 for selling. At the National Bank of Egypt (NBE), the dollar traded at EGP 51.30 bid and EGP 51.40 ask.
The euro also strengthened against the Egyptian pound. At the National Bank of Egypt, the single currency was priced at EGP 58.48 for buying and EGP 58.69 for selling, while Banque Misr offered rates of EGP 58.47 and EGP 58.68, respectively.
The currency moves came as Egypt continued to report improving external indicators. According to the Central Bank of Egypt (CBE), remittances from Egyptians working abroad climbed 31.2% during the July–May period of fiscal year 2025/26, reaching approximately $43.1 billion, compared with $32.8 billion in the corresponding period a year earlier.
On a monthly basis, remittance inflows increased 13.5% in May 2026, rising to around $3.9 billion from $3.4 billion in May 2025.
The CBE also reported that Egypt's net international reserves rose to $55.1 billion at the end of June 2026, up from $53.13 billion a month earlier, extending the country's record-high reserve position.
The increase in overall reserves came despite a decline in the value of the central bank's gold holdings, which fell to $16.78 billion from $18.78 billion in May. Holdings of Special Drawing Rights (SDRs) also eased slightly to $444 million, compared with $448 million in the previous month.
Meanwhile, Fitch Ratings recently said Egypt's flexible exchange-rate regime has played a key role in absorbing foreign capital outflows, helping preserve policy credibility and limiting the impact of geopolitical tensions surrounding the conflict involving Iran, the United States, and Israel. The agency affirmed Egypt's sovereign credit rating at 'B' with a Stable Outlook.
Separately, the Institute of International Finance (IIF) expects Egypt's economy to experience a modest slowdown in fiscal year 2026/27, forecasting real GDP growth of 3.5%, compared with an estimated 4.1% in 2025/26. The institute nevertheless expects easing inflation, lower government debt, stronger foreign reserves, and sustained capital inflows to continue supporting macroeconomic stability.
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