Ahmed Kamel – Egypt Daily News
The US dollar extended its decline against the Egyptian pound during Monday’s trading, falling between 4 and 12 piasters across major local banks. The drop follows a similar downward movement at the end of Sunday’s session, when the currency lost between 1 and 6 piasters. With today’s shift, the dollar has slid firmly into the 47-pound bracket for buying rates at several banks, reinforcing a trend of gradual appreciation of the pound observed in recent months.
At the National Bank of Egypt, the dollar retreated by 9 piasters, registering 47.02 pounds for buying and 47.12 for selling, compared with 47.11 and 47.21 pounds respectively the previous day. Bank Misr recorded an even sharper fall, with the currency dropping 12 piasters to 47.03 pounds for buying and 47.13 for selling, down from 47.15 and 47.25 pounds.
The Commercial International Bank also reported a significant adjustment, cutting 10 piasters from its buying and selling prices to reach 47.00 and 47.10 pounds. Similar declines were noted at several other institutions: Al Baraka Bank reduced its rates by 8 piasters to 47.00 pounds for buying and 47.10 for selling, while Alexandria Bank lowered its rates by 11 piasters to the same levels. Crédit Agricole trimmed 4 piasters, bringing its buying price to 47.01 pounds, whereas Suez Canal Bank saw a 9-piastre drop. Abu Dhabi Islamic Bank also reflected a moderate decline of about 4 piasters.
The continued easing of the dollar comes during a period of strengthening for the Egyptian pound, which saw consistent gains throughout August. The improvement has been partly attributed to increased dollar inflows and higher foreign-currency liquidity within the banking sector, easing pressure on exchange markets and stabilizing expectations.
New macroeconomic data has supported this sentiment. The Central Bank of Egypt announced on Sunday that its net international reserves rose to 49.250 billion dollars at the end of August, up from 49.036 billion dollars in July, marking an increase of roughly 214 million dollars. The gradual buildup of reserves has been viewed as an indicator of improving external conditions and investor confidence.
The current exchange-rate landscape traces back to the monetary policy overhaul introduced in March 2024, when the Central Bank moved decisively toward a fully flexible exchange-rate regime. At that time, it also raised interest rates by 600 basis points in an exceptional meeting aimed at curbing inflation and stabilizing financial markets.
By late November 2024, Prime Minister Mostafa Madbouly publicly emphasized that the flexible exchange rate would remain core to the government’s strategy, cautioning that fluctuations of around five percent in either direction would be normal under the new system.
As the pound continues to gain ground and foreign-currency availability improves, analysts expect short-term volatility but note that the broader trajectory suggests a more balanced exchange market compared with the pressures witnessed in previous years. For now, the sustained retreat of the dollar underscores a growing sense of stability in the domestic financial landscape heading into the final months of 2025.
