Egyptian pound hits historic low against US dollar

Egyptian pound US dollar Central Bank of Egypt government debt foreign exchange

The Egyptian pound has experienced a sharp decline, falling below the 55 EGP per US dollar mark in several local banks. At some institutions, including Abu Dhabi Islamic Bank and HSBC, the selling rate reached 55.37 EGP.

This depreciation follows a period of significant volatility. According to market data, the pound has lost approximately 6.4% of its value since the beginning of October. Economic pressures are being driven by a wave of net sales by Arab and foreign investors in the secondary government debt market, which totaled approximately $2 billion during the week ending October 24.

Additional factors contributing to the currency pressure include the rising cost of energy imports and the need to meet external obligations. Despite these challenges, Central Bank of Egypt Governor Hassan Abdalla has emphasized the bank's commitment to an exchange rate flexibility policy to absorb economic and geopolitical shocks.

On a positive note, international reserves rose to $57.3 billion in September, and net foreign assets in the banking system reached a surplus of $31.2 billion in August. Furthermore, remittances from Egyptians working abroad showed significant growth, reaching $47.3 billion during the 2025-2026 fiscal year.

Entities

Abu Dhabi Islamic Bank · Central Bank of Egypt · Egypt · HSBC · Hassan Abdalla · Kuwait Finance House

Claims

What the coverage asserts, and how many sources carry each claim.

[○ 1 SOURCE] Net foreign assets in the banking system reached a surplus of $31.2 billion in August. www.akhbarona.com
[○ 1 SOURCE] The Egyptian pound lost approximately 6.4% of its value since the beginning of October. www.akhbarona.com
[● 2 SOURCES] The Egyptian pound fell below the 55 EGP per US dollar mark in several local banks. alsaudi.news
[○ 1 SOURCE] Arab and foreign investors recorded net sales of approximately $2 billion in the secondary government debt market during the week ending October 24. www.akhbarona.com
[○ 1 SOURCE] The Jordanian Dinar remained stable against the Egyptian pound at the Central Bank rate of 77.80 EGP buying and 78.22 EGP selling.
[● 2 SOURCES] Remittances from Egyptians working abroad reached $47.3 billion during the 2025-2026 fiscal year. alsaudi.news · www.akhbarona.com
[● 2 SOURCES] The highest selling rate for the US dollar reached 55.37 EGP at banks including Abu Dhabi Islamic Bank and HSBC. alsaudi.news
[○ 1 SOURCE] International reserves rose to $57.3 billion in September. www.akhbarona.com