An employee counts U.S. dollars in a foreign exchange office in central Cairo, Egypt,
The Egyptian pound extended its decline on Sunday, pressured by ongoing regional tensions and sustained capital outflows that continue to strain foreign currency liquidity and dampen market sentiment.
The US dollar traded at EGP 54.42 for buying and EGP 54.56 for selling, up from Thursday’s EGP 54.29 and EGP 54.43. Since late February, the pound has lost approximately EGP 6.57—around 13.7 percent—falling from EGP 47.9 before the outbreak of the US-Israeli war on Iran.
The currency’s weakness has been exacerbated by significant capital flight, with more than $5 billion in short-term debt instruments exiting Egypt’s secondary market over the same period.
Despite these pressures, Egypt’s foreign reserves rose to $52.83 billion at the end of March, up from $52.47 billion in February, providing a degree of support against external shocks.
Exchange rates across banks showed limited variation. The highest quoted buying rates ranged between EGP 54.43 and EGP 54.47, while selling rates reached between EGP 54.53 and EGP 54.57 at lenders, including Suez Canal Bank, Al Ahli Bank of Kuwait, HSBC, Crédit Agricole, and QNB.
Meanwhile, the lowest rates hovered between EGP 54.40 and EGP 54.42 for buying and EGP 54.50 to EGP 54.52 for selling across major banks such as the National Bank of Egypt, Bank of Alexandria, and CIB.
Other currencies continued to strengthen against the pound. The euro rose to EGP 62.67 for buying and EGP 62.85 for selling, while the British pound reached EGP 71.78 and EGP 72.01. Gulf currencies saw marginal gains, and the Kuwaiti dinar climbed to EGP 177.79 for selling.
According to central bank data, major currencies have appreciated between approximately EGP 1.73 and EGP 20.66 against the Egyptian pound since the onset of the conflict.
Short link: