US Dollar drops below EGP 50 for first time since December

The Egyptian pound rose to its strongest level against the U.S. dollar since December, with the National Bank of Egypt quoting 49.86 for buying and 49.96 for selling on Monday.

This marks the lowest official exchange rate for the dollar since December 5, 2024, when it first crossed the 50-pound threshold. The rate had remained above 50 pounds into early March, peaking above 51.

Although the US dollar has weakened globally in recent sessions, analysts say Egypt’s currency gains are mainly driven by domestic factors. The greenback slipped against major currencies due to trade uncertainty and fiscal concerns after Moody’s downgraded the US credit rating.

The Central Bank of Egypt reported this month that foreign reserves rose to a record $48.143 billion in April, up from $47.757 billion in March.

Remittance inflows from Egyptians abroad also surged in the first half of the fiscal year, nearly doubling to $17 billion from $9.4 billion a year earlier, according to the latest balance of payments figures.