Egyptian Pound Stagnant at EGP 51 Amid Slight Recovery

The Egyptian pound ended the week near EGP 51 per US dollar despite a slight recovery on Thursday. Across 10 banks, the dollar traded between EGP 50.88 and EGP 51.07 for buying and between EGP 50.98 and EGP 51.17 for selling.

The highest rates were quoted by lenders including Egyptian Gulf Bank, Abu Dhabi Islamic Bank, and Crédit Agricole. State-owned banks such as Banque du Caire and the National Bank of Egypt (NBE) offered slightly lower rates.

However, gold prices surged on Thursday with the gold sovereign jumping by EGP 1,400 to EGP 51,200, up from EGP 49,800 on Wednesday. This represents a significant increase in just two days.