Egypt financial markets see stock losses and currency fluctuations

Egyptian stock market EGX 30 Egyptian pound Saudi Riyal exchange rate Central Bank of Egypt interest rates

The Egyptian financial sector experienced significant volatility, marked by substantial losses in the stock market and fluctuations in foreign exchange rates. The Egyptian Exchange (EGX) saw its market capitalization drop by approximately 158 billion EGP (3.6%) over a week, falling to 4.238 trillion EGP. The main EGX 30 index declined by 3.10%, while the EGX 70 and EGX 100 indices fell by 5.82% and 5.23%, respectively. The most significant drop was recorded by the Tamayuz index, which fell 8.26%.

In the foreign exchange market, the US dollar rose against the Egyptian pound across major lenders, with rates at several large banks settling around 51.73 EGP for purchase and 51.83 EGP for sale. Concurrently, the Saudi Riyal showed varying rates across different banks, with the Central Bank of Egypt recording a purchase rate of approximately 13.77 EGP and a selling rate of 13.81 EGP.

These market movements occur amid anticipation regarding the Central Bank of Egypt’s upcoming interest rate decisions. Meanwhile, Egypt's foreign exchange reserves reached a record 57.21 billion USD in August, up from 56.29 billion USD in July.