Egyptian Pound Weakens to EGP 52.25 Against Dollar This Week

The Egyptian pound weakened by around 1.2% against the US dollar over the week, ending at EGP 52.25 for buying and EGP 52.39 for selling on Thursday, according to Central Bank of Egypt (CBE) data.

This marks a slight strengthening from Wednesday's rates but remains close to levels recorded two weeks ago, when the dollar traded at around EGP 52.14 for buying and EGP 52.28 for selling on September 16.

The pound has now dropped by about 9.2% against the dollar since its pre-conflict level of EGP 47.99 compared to 7.9% weaker at the beginning of the week.

Across local banks, rates varied, with the highest dollar rate reaching EGP 52.40 for buying and EGP 52.50 for selling at National Bank of Kuwait and Abu Dhabi Islamic Bank.