Euro Slips Against Egyptian Pound to 56.25

The euro weakened slightly against the Egyptian pound on Wednesday, following several consecutive sessions of strength in the local market. 

This comes amid ongoing volatility in global currency markets and cautious sentiment surrounding Egypt’s economic trajectory in the second half of the year.

According to official data released by the Central Bank of Egypt (CBE), the euro was trading at EGP 56.61 for buying and EGP 56.25 for selling, a modest drop from earlier levels this week when the European currency had climbed in response to international economic developments.

At the retail level, leading public banks in Egypt echoed the downward shift. Both the National Bank of Egypt (NBE) and Banque Misr quoted the euro at EGP 57.17 to buy and EGP 57.41 to sell, reflecting a slight easing from earlier highs.

Foreign exchange dealers noted that demand for the euro had slowed following a surge earlier in July, driven by tourism season inflows and expectations of a rate hike by the European Central Bank (ECB), which ultimately fell short of market expectations, in addition to remittances from Egyptian expats.