US Dollar exceeds 53 EGP in Egypt for the first time in five months

The US Dollar has seen a significant rise against the Egyptian Pound, surpassing the 53 EGP mark for the first time in five months. In recent trading, various banks reported selling rates reaching as high as 53.05 EGP at HSBC and Al Baraka, while the Central Bank of Egypt recorded rates around 52.90 EGP for selling.

This currency fluctuation occurs alongside mixed performance in the Egyptian stock market. While indices like the EGX30 and EGX70 showed signs of recovery, low liquidity and selling pressure on leading stocks have created market volatility.

On a broader economic scale, the Central Bank of Egypt is monitoring these shifts ahead of upcoming monetary policy meetings. Meanwhile, the International Monetary Fund has raised its economic growth forecast for Egypt to 5.1% for the 2025/2026 fiscal year, driven by recoveries in Suez Canal revenues and the oil sector. Additionally, remittances from Egyptians working abroad reached a record $33.9 billion in the first eight months of 2026, a 27.2% increase compared to the same period in 2025.