Egyptian pound weakens 10.4% against US dollar since outbreak of US-Israel war on Iran by Thursday’s close

Nora Abdelhamid , Thursday 14 May 2026

The Egyptian pound weakened by nearly EGP 5 by Thursday’s close of business (COB), losing around 10.4 percent of its value compared with its pre-war level of EGP 47.9 against the US dollar, according to the trading rates by the Central Bank of Egypt and other banks.

File Photo: Tourists walk past a currency exchange shop near the Ben Ezra synagogue in Coptic Cairo. AFP

This marks a deeper decline in value compared to the 9.7 percent recorded earlier this week on Sunday.

By Thursday’s close of business (COB), the currency was trading closer to EGP 53 per dollar, recording EGP 52.83 for buying and EGP 52.97 for selling, marginally down by 0.05 percent from Wednesday’s rates of EGP 52.86 for buying and EGP 53.00 for selling.

This is the fifth time this month that the currency has approached the EGP 53 mark, having first surpassed the threshold at the start of May amid escalating geopolitical tensions in the region, which continue to weigh on markets through inflationary pressures, capital outflows, and expectations of tighter monetary conditions.

The pound also traded EGP 0.33, or 0.62 percent, weaker than earlier this week, compared to Sunday’s rates of EGP 52.50 for buying and EGP 52.64 for selling.

Moreover, the Egyptian pound fluctuated slightly throughout the week, weakening to EGP 52.9 on Monday before reaching its weakest level this week at EGP 53.03 on Tuesday.

Across local lenders, the currency traded at its highest rates on Thursday between EGP 52.85 and EGP 52.87 for buying and around EGP 52.95 for selling at nine banks, including Al Ahli Bank of Kuwait, Banque Misr, and QNB.

The lowest rates recorded ranged between EGP 52.82 and EGP 52.85 for buying and between EGP 52.92 and EGP 52.95 for selling at five banks, including Crédit Agricole Egypt, Arab International Bank, and Al Baraka Bank Egypt.

Other currencies

The euro followed a similar trend, trading at EGP 61.85 for buying and EGP 62.02 for selling, down from Wednesday’s rates of EGP 61.91 and EGP 62.09, respectively. The European currency nevertheless remains around EGP 5.38 above its pre-conflict level.

The British pound traded at EGP 71.38 for buying and EGP 71.57 for selling, compared to EGP 71.38 and EGP 71.59, respectively, on Wednesday. It also remains EGP 6.6 above its pre-conflict level.

Gulf currencies showed similar movement, with the Kuwaiti dinar trading at EGP 172.95, the Bahraini dinar at EGP 140.49, the Omani riyal at EGP 137.95, and the Jordanian dinar at EGP 74.82.

According to Central Bank of Egypt data, Gulf currencies have depreciated between EGP 1.32 and EGP 15.81 against the Egyptian pound since the outbreak of the conflict.

Gold

Meanwhile, gold prices fluctuated throughout the week. The gold sovereign (geneih dahab) stood at EGP 55,720 on Thursday, down from EGP 56,000 earlier this week on Sunday.

The geneih dahab traded at EGP 55,720 on Thursday, down EGP 80 from Wednesday’s EGP 55,800. This also marked a decline of EGP 120 from Tuesday’s rate of EGP 55,920, which itself had risen by EGP 80 from Monday’s EGP 55,840, according to gold trading platform iSagha.

Meanwhile, 24-karat gold traded at EGP 7,960 on Thursday, down EGP 60 from Sunday’s EGP 8,000. The metal remained relatively stable throughout the rest of the week, recording EGP 7,971.5 on Wednesday, EGP 7,988 on Tuesday, and EGP 7,977 on Monday.