File Photo: A woman walks out of a currency exchange shop displaying a giant US dollar banknote in the Zamalek district of Egypt s capital Cairo. AFP
On Thursday, the CBE reported closing foreign exchange rates of EGP 48.89/$1 for buying and EGP 49.03/$1 for selling.
This increase marks the first time the rate has crossed the EGP 49/$1 threshold since August, likely due to rising geopolitical tensions and the escalating situation in Lebanon.
Kristalina Georgieva, managing director of the International Monetary Fund (IMF), noted that Egypt is significantly affected by the ongoing regional conflict. The country has lost 70 percent of its Suez Canal revenues, which are a vital source of hard currency.
On Thursday, Egyptian banks published their EGP/USD exchange rates on their official websites. The National Bank of Egypt (NBE) reported rates of EGP 48.88/$1 for buying and EGP 48.98/$1 for selling.
The Commercial International Bank (CIB) quoted EGP 48.89/$1 for buying and EGP 48.99/$1 for selling.
Meanwhile, the Hong Kong and Shanghai Banking Corporation (HSBC) offered EGP 48.90/$1 for buying and EGP 49/$1 for selling.
The Arab African International Bank set its rates at EGP 48.88/$1 for buying and EGP 48.98/$1 for selling.
Egypt is preparing to commence its fourth review with the IMF, which is expected to take place in November.
Furthermore, Prime Minister Mostafa Madbouly recently announced plans to reevaluate the timing of economic reforms with the IMF.
Short link: