Dollar, Euro Surge Against EGP Amid Improved Liquidity

The U.S. dollar and euro strengthened against the Egyptian pound at the close of trading on Wednesday, September 9. According to data from various banks operating in Egypt's local market, the greenback gained at most banks, with Al Ahli Bank of Kuwait recording a buying rate of EGP 51.27 and selling rate of EGP 51.37.

The lowest dollar buying rate among listed banks was EGP 51.14, recorded by National Bank of Egypt, Banque Misr, Industrial Development Bank, Egyptian Gulf Bank, First Abu Dhabi Bank, Kuwait Finance House, Housing and Development Bank, and Arab International Bank. The dollar selling rates at major banks ranged between EGP 51.24 and EGP 51.37.

The euro also rose against the Egyptian pound, with Abu Dhabi Islamic Bank recording a buying rate of EGP 59.52 and selling rate of EGP 59.76. Euro selling rates at most major banks ranged between EGP 59.69 and EGP 59.84.