Euro Edges Higher, Dollar fluctuates Against Egyptian Pound in Sunday Trading

The euro recorded a modest rise against the Egyptian pound at the close of trading on Sunday, gaining ground across most banks operating in Egypt’s banking sector, according to official data and market indicators.

The upward movement reflects ongoing pressures on Egypt’s foreign exchange market, even as key inflows, particularly remittances, show notable improvement.

The euro’s buying price hovered around EGP 62.64 to EGP 62.78, while selling prices ranged between EGP 62.92 and EGP 63.27, depending on the bank.

Among the highest rates recorded, Abu Dhabi Islamic Bank offered the euro at EGP 62.78 for purchase and EGP 63.27 for sale. Similar levels were seen at Arab African International Bank and Banque du Caire, with only marginal differences across institutions.

Major state banks, including the National Bank of Egypt and Banque Misr, recorded stable rates at approximately EGP 62.65 for buying and EGP 63.13 for selling.

According to the Central Bank of Egypt, the euro stood at EGP 62.65 for buying and EGP 62.82 for selling, reflecting a narrower spread compared to commercial banks.

The US dollar traded in a state of fluctuation against the Egyptian pound at the close of business on Sunday, across most banks operating in Egypt’s banking sector.

Other major currencies showed mixed performance. The US dollar was priced at EGP 53.45 (buy) and EGP 53.59 (sell), while the British pound reached EGP 72.55 (buy) and EGP 72.77 (sell). Gulf currencies, including the Saudi riyal and UAE dirham, remained relatively stable.

In a positive development, remittances from Egyptians working abroad surged by 25.7% year-on-year in February 2026, reaching approximately $3.8 billion compared to $3 billion in February 2025.

Cumulatively, remittances rose by 28% during the July–February period of the 2025/2026 fiscal year, totaling around $29.4 billion. This marks a significant increase from $23 billion recorded during the same period a year earlier, providing a crucial source of foreign currency liquidity.

Despite improved inflows, Egypt continues to face mounting external obligations. The country repaid $6.44 billion in external debt service during the first quarter of the current fiscal year, down from $7.95 billion in the same period last year.

This included $2.08 billion in interest payments and $4.36 billion in principal repayments.

Egypt’s total external debt rose to $163.7 billion by the end of September 2025, up from $161.2 billion in June.

Additionally, foreign investments in treasury bills increased to the equivalent of EGP 2.525 trillion by the end of January 2026, signaling renewed investor interest in local debt instruments.

According to a recent report by S&P Global Ratings, Egypt faces debt maturities of $4.2 billion during the 2025/26 fiscal year, including $1.2 billion due in April 2026.

Future obligations remain substantial, with $2.9 billion due in 2026/2027, $3.4 billion in 2027/28, and $1.3 billion in 2028/29.

The agency warned that debt servicing continues to exert significant strain on public finances, noting that interest payments accounted for 82% of total revenues and fully absorbed tax revenues during the first nine months of the current fiscal year.