This marks a significant rebound from the lows of EGP 48.19 and EGP 48.29, respectively, seen on October 1 last year.
The Egyptian pound surged to its strongest level in nearly a year on Wednesday, reflecting renewed foreign currency inflows and a notable recovery in the banking sector’s dollar liquidity.
During the day’s trading, the pound rose to EGP 48.30 against the dollar for buying and EGP 48.40 for selling — the highest rates recorded since October 2024.
This marks a significant rebound from the lows of EGP 48.19 and EGP 48.29, respectively, seen on October 1 last year.
The currency’s rise follows a wave of easing measures introduced by the Central Bank of Egypt (CBE), which earlier this week raised the maximum foreign currency disbursement limit for travelers through local banks. Customers can now withdraw up to $10,000 ahead of travel, aligning with the legally permitted cap for departing passengers.
Market confidence was further boosted after several major banks, including the National Bank of Egypt and Bank Misr, announced a reduction in FX markup fees on credit card transactions from 5% to 3%, making international spending more accessible for customers.
The CBE’s recent instructions also included updated rules for overseas card usage, easing controls that had previously limited access to foreign currency and placed pressure on consumers during travel.
The pound’s upward momentum broke a key psychological resistance level, helping reverse months of pressure that had weighed on the currency. Analysts view this as a positive sign of economic stabilization and the banking sector’s growing ability to meet demand for foreign exchange without pushing prices beyond official rates.
The improvement in FX conditions is closely tied to rising international reserves and stronger remittance flows. Official data shows that Egypt’s net international reserves climbed to $49.036 billion by the end of July 2025, up from $48.7 billion a month earlier, an increase of $336 million.
Meanwhile, remittances from Egyptians abroad recorded a sharp 69.6% increase during the first 11 months of the 2024/2025 fiscal year, reaching approximately $32.8 billion, compared to $19.4 billion in the same period the year before.
