The US dollar surged sharply against the Egyptian pound in mid-session trading on Thursday, nearing the EGP 54 level, driven by a combination of domestic liquidity pressures and sustained global dollar strength.
According to latest bank data, the National Bank of Egypt recorded EGP 53.77 for buying and EGP 53.87 for selling, while Commercial International Bank posted EGP 53.80 and EGP 53.90 respectively. Banque du Caire reported similar levels, marking an increase of up to 80 piasters compared to early trading.
The rise is largely attributed to foreign investor exits from local treasury bills, reducing dollar liquidity and placing additional pressure on the pound, within the flexible exchange rate system managed by the Central Bank of Egypt.
Globally, the dollar remains supported by high interest rates and expectations that the Federal Reserve will maintain a tight monetary stance, as reported by Reuters and Bloomberg.
As The Middle East Observer notes, the pound is currently adjusting to both external capital shifts and global dollar momentum, with near-term volatility expected to persist despite stable medium-term inflows.
