An employee counts U.S. dollars in a foreign exchange office in central Cairo, Egypt. AFP
The dollar closed at EGP 52.11 for buying and EGP 52.21 for selling, according to data from the Central Bank of Egypt (CBE) released at the close of business (COB) on Sunday. That is up from EGP 50.08 and EGP 50.22, respectively, on Thursday.
The pound has weakened by about EGP 4.24, roughly 8.9 percent, since the beginning of March, according to CBE data.
The decline comes amid heightened regional tensions after the US and Israel launched a war on Iran on 28 February, with Tehran launching retaliatory attacks on Tel Aviv and US assets in the Middle East, including ones in Oman, the UAE, Saudi Arabia, Kuwait, Jordan, and Qatar.
Among banks, the highest exchange rate on Sunday reached EGP 52.15 for buying and EGP 52.25 for selling, up from EGP 50.3 and EGP 50.4 on Thursday.
That represents an increase of around EGP 4.3, about 8.9 percent, compared with the beginning of the month, when the highest bank rate stood at EGP 47.87 for buying and EGP 47.97 for selling.
At QNB Bank, the dollar was priced at EGP 52.12 for buying and EGP 52.22 for selling.
Meanwhile, Banque Misr, the National Bank of Egypt (NBE), CIB Bank, Arab International Bank (AIB), and Bank of Alexandria listed the dollar at EGP 52.11 for buying and EGP 52.21 for selling.
Other currencies
The euro rose to EGP 60.52 for buying and EGP 60.69 for selling on Sunday, compared with EGP 58.13 and EGP 58.26 on Thursday. A week earlier, it stood at EGP 56.5 and EGP 56.6, respectively.
The British pound climbed to EGP 69.86 for buying and EGP 70.07 for selling, up from EGP 66.8 and EGP 67.02 on Thursday. Last week, it traded at EGP 64.7 and EGP 64.9.
The Kuwaiti dinar rose to EGP 170.17 for buying and EGP 170.68 for selling, compared with EGP 163.5 and EGP 163.9 on Thursday, and EGP 156.6 and EGP 157.1 a week earlier.
The UAE dirham increased to EGP 14.18 for buying and EGP 14.22 for selling, up from EGP 13.63 and EGP 13.67 on Thursday and EGP 13.02 and EGP 13.06 the previous week.
Other currencies, including the Saudi riyal, Omani riyal, and the Bahraini and Jordanian dinars, also rose between EGP 0.53 and EGP 5.5 compared with Thursday’s rates, according to the CBE.
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