File Photo: A man counting Dollars. Al-Ahram
The US dollar traded at EGP 52.29 for buying and EGP 52.39 for selling on Wednesday, remaining stable throughout the week, falling further from last week’s fluctuating rates that closed at EGP 52.38 and EGP 52.48, respectively.
Last week’s swings, where the Egyptian pound rose to nearly EGP 53, were driven in part by capital outflows, including roughly $1 billion in short-term treasury bills, as investors reacted to the outbreak of the US-Israeli war on Iran on 28 February and the subsequent regional escalation.
Despite the recent stabilization, the pound remains weaker than before the conflict, having depreciated by about EGP4.45, or 9.16 percent, from around EGP47.9 at the start of March.
Furthermore, the fluctuations show capital-flow pressures as concerns grow that long-term regional strikes could push the dollar toward EGP 58 and drive inflation higher to 28–30 percent due to increasing global energy, transport, and shipping costs.
Across the banking system, exchange rates showed limited variation. The highest quoted rates on Wednesday stood at EGP 52.32 for buying and EGP 52.42 for selling, down slightly from earlier in the week. Most major banks, including Commercial International Bank (CIB) and National Bank of Egypt (NBE), quoted rates in a narrow range around EGP 52.29–52.39.
Other lenders, such as the Al Ahli Bank of Kuwait, listed the dollar at COB at EGP 52.3 for buying and EGP 52.4 for selling. While banks such as Egyptian Arab Land Bank, Credit Agricole, Suez Canal Bank, Banque Misr, QNB Bank, National Bank of Egypt, and CIB listed the dollar at EGP 52.29 and 52.39 EGP, respectively.
In tandem, other currencies continued to strengthen against the pound.
The euro reached EGP 60.34 for buying and EGP 60.46 for selling on Wednesday, up by EGP 0.16 from EGP 60.17 and EGP 60.34 on Tuesday. It also increased by EGP 3.87 from EGP 56.46 to EGP 56.63 since before the strikes.
Sterling traded at EGP 69.82 for buying and EGP 69.97 for selling, marking an increase of about EGP 5 compared with pre-conflict levels.
Gulf currencies were broadly unchanged on the day, though they have also appreciated since the escalation. The Saudi riyal traded at EGP 13.92–13.95, while the UAE dirham stood at EGP 14.23–14.26.
The Kuwaiti dinar reached EGP 170.52 and EGP 170.9, the Bahraini dinar settled to EGP 138.38 and EGP 138.93, the Omani riyal got to EGP 135.8 and EGP 136.1, the Qatari riyal reached EGP 14.28 and EGP 14.36, and the Jordanian dinar settled at EGP 73.64 and EGP 74.05. These rates remained the same from Tuesday.
Central bank data show these currencies have risen between roughly EGP1.2 and EGP11.5 since the start of the conflict.
The currency could stabilize further as capital and foreign currency inflows increase, as Egypt has unlocked about $2.27 billion in fresh financing from the International Monetary Fund (IMF) following the three combined reviews of the $8 billion Extended Fund Facility (EFF), alongside the $1.3 billion Resilience and Sustainability Facility (RSF).
The European Union (EU) has also allocated 8 million euros in humanitarian aid to Egypt for 2026 as part of a broader 450 million euro package to support vulnerable people across the Middle East.
This will support humanitarian assistance across several sectors for the most vulnerable groups, including education for out-of-school children and a regional disaster preparedness initiative.
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