File Photo: US dollars. AFP
The US dollar traded at EGP 53.52 for buying and EGP 53.66 for selling on Sunday, up by around EGP 0.77 from last week’s closing rates of EGP 52.75 and EGP 52.88, respectively. This marks the second time this month that the dollar has approached the EGP 53 level, following the onset of the US-Israeli war on Iran on 28 February.
Current rates leave the Egyptian pound significantly weaker than at the start of March. The currency has depreciated by approximately EGP 5.66, or 11.8 percent, from around EGP 47.9 at the end of February.
A brief recovery earlier this month proved short-lived. On Monday, 9 March, the pound strengthened temporarily, before retreating again to around EGP 52 per dollar the following day. This fluctuation coincided with the exit of more than $1 billion in short-term treasury bills, reflecting transient capital-flow pressures triggered by ongoing regional instability.
More recent data indicate that over $5 billion in short-term debt instruments—commonly referred to as “hot money”—has exited Egypt’s secondary market since the outbreak of the conflict and subsequent regional escalation.
Analysts warn that continued pressure on capital inflows could drive further depreciation, with the dollar potentially approaching EGP 58 if tensions persist.
Across the banking sector, exchange rates on Sunday ranged between EGP 53.44 and EGP 53.56 for buying, and between EGP 53.54 and EGP 53.66 for selling. The highest closing rate was recorded at Suez Canal Bank, while the lowest was observed at the Egyptian Arab Land Bank. These levels exceed last week’s peak closing rates of around EGP 52.78 for buying and EGP 52.81 for selling.
Other currencies
The euro rose to EGP 61.59 for buying and EGP 61.77 for selling, up from EGP 60.79 and EGP 60.95 on Thursday. It has gained approximately EGP 5.13 against the pound since before the conflict.
The pound sterling traded at EGP 70.95 for buying and EGP 71.17 for selling, compared with EGP 70.28 and EGP 70.48 on Thursday, marking an increase of roughly EGP 6.18 from pre-conflict levels.
Gulf currencies also strengthened against the pound. The Saudi riyal traded between EGP 14.26 and EGP 14.30, the UAE dirham between EGP 14.57 and EGP 14.60, and the Qatari riyal between EGP 14.67 and EGP 14.72.
The Kuwaiti dinar rose to between EGP 174.34 and EGP 174.86, up about EGP 2.35 from last week’s close. The Bahraini dinar reached EGP 141.67 to EGP 142.23, while the Omani riyal climbed to between EGP 139.03 and EGP 139.41. The Jordanian dinar traded between EGP 75.38 and EGP 75.79.
According to Central Bank of Egypt data, these currencies have appreciated by between EGP 1.5 and EGP 17.72 against the pound since the start of the conflict.
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