Egyptian Pound Weakens as Dollar Tops EGP 51

The U.S. dollar strengthened against the Egyptian pound at the close of trading on Sunday, surpassing EGP 51 at some banks as the local currency came under renewed pressure despite continued improvements in Egypt's external accounts.

At the National Bank of Egypt, the dollar was quoted at EGP 50.89 for buying and EGP 50.99 for selling, while Banque Misr offered the currency at EGP 50.87 and EGP 50.97, respectively.

The latest exchange-rate movements come as Egypt continues to post stronger external financial indicators. According to the Central Bank of Egypt (CBE), remittances from Egyptians working abroad rose 31.2% during the first eleven months of the 2025/26 fiscal year (July–May), reaching approximately $43.1 billion, compared with $32.8 billion during the corresponding period a year earlier.

On a monthly basis, remittance inflows increased 13.5% in May 2026, climbing to around $3.9 billion from $3.4 billion in May 2025.

The CBE also reported that net international reserves increased to $55.1 billion at the end of June 2026, up from $53.13 billion a month earlier, extending their upward trajectory.

However, the composition of the reserves shifted. Gold holdings declined to $16.78 billion at the end of June from $18.78 billion in May, while holdings of Special Drawing Rights (SDRs) edged lower to $444 million, compared with $448 million a month earlier.

International institutions have maintained a broadly constructive outlook on Egypt's economy despite regional geopolitical risks.

A recent report by Fitch Ratings said Egypt's flexible exchange-rate regime has helped absorb the impact of foreign capital outflows, strengthening the credibility of the country's economic policies. The agency said the policy framework had also helped cushion the potential effects of regional tensions involving Iran, the United States and Israel, while affirming Egypt's sovereign credit rating at 'B' with a Stable Outlook.

Meanwhile, the Institute of International Finance (IIF) expects Egypt's economic growth to moderate slightly during the 2026/27 fiscal year, while forecasting continued declines in inflation and public debt alongside further improvements in foreign reserves and capital inflows.

The IIF projects Egypt's real GDP growth at 3.5% in fiscal year 2026/27, compared with an estimated 4.1% in 2025/26 and 4.4% in 2024/25. Even so, the projected pace remains well above the 2.4% recorded in 2023/24.

The euro also appreciated against the Egyptian pound at the close of trading on Sunday.

At both the National Bank of Egypt and Banque Misr, the European currency traded at EGP 58.35 for buying and EGP 58.60 for selling.