The Egyptian pound weakened past EGP 52 to the United States dollar on Sunday, 8 March, marking a record low as rising regional geopolitical tensions weighed on the currency.
According to data from the Central Bank of Egypt, the dollar closed at EGP 52.11 for buying and EGP 52.21 for selling at the end of Sunday’s trading session, compared to EGP 50.08 and EGP 50.22 on Thursday.
The pound has fallen by roughly EGP 4.24, around 8.9 percent, since the beginning of March, according to central bank data.
Across major Egyptian banks, exchange rates were largely similar. The dollar was listed at EGP 52.11 for buying and EGP 52.21 for selling at Banque Misr, National Bank of Egypt, Commercial International Bank, Arab International Bank, and Bank of Alexandria, as reported by Ahram online.
Other major currencies also rose against the Egyptian pound. The Euro climbed to around EGP 60.52 for buying and EGP 60.69 for selling, while the British pound sterling reached EGP 69.86 for buying and EGP 70.07 for selling.
Meanwhile, the Kuwaiti dinar traded at around EGP 170.17 for buying and EGP 170.68 for selling, while the UAE dirham rose to about EGP 14.18 for buying and EGP 14.22 for selling.
Currency markets have come under pressure amid escalating tensions in the Middle East following military strikes and retaliatory attacks involving Iran and the United States.
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