Latest news with #EgyptianPound
Zawya
17-07-2025
- Business
- Zawya
Egypt: IMF expects limited EGP/USD fluctuation, closed official-parallel markets gap
Arab Finance: The Egyptian pound (EGP) to US dollar rate is expected to fluctuate within a limited range, with gaps between the official and parallel markets to remain closed, the International Monetary Fund (IMF) indicated in its latest report. Despite the increase in FX inflows due to the Ras El-Hekma deal, the IMF highlighted that high inflation differentials and widening current account deficit will likely keep generating depreciation pressures. The fund highlighted that the Central Bank of Egypt (CBE) applied a flexible exchange rate regime in March 2024, which continued to yield positive results. The CBE's policy closed the gap between the official exchange rate and the parallel market and eliminated the backlogs of unmet import demands, which boosted trading in the interbank market. The IMF noted that continuous vigilance will be necessary to ensure that this reform is consolidated further over time so that economic agents perceive the exchange rate as truly flexible. Moreover, the report underlined that the CBE did not intervene since the unification to influence the rate, except for select episodes of purchases for reserve accumulation under the program. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
01-07-2025
- Business
- Zawya
Egypt's parliament greenlights additional $1.7bln FY2024/25 budget allocation
Arab Finance: The Egyptian House of Representatives has given its final approval to an additional appropriation of EGP 85 billion for the fiscal year (FY) 2024/2025 budget, as reported by Ahram Gate. The additional allocation comes in light of the urgent economic and financial changes during the current fiscal year. The move aims to address the impact of a weaker Egyptian pound, which has depreciated to EGP 49.65 against the US dollar. This exchange rate is compared to the originally assumed rate of EGP 45 under the approved budget. The extra funding also takes into account higher-than-expected interest rates, which have pushed the average cost of borrowing on government debt instruments above the planned 25%. As a result, additional interest expenses of EGP 57.1 billion have risen. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
30-06-2025
- Business
- Zawya
USD exchange rates below EGP 50-mark at Egyptian banks on Sunday
Arab Finance: The exchange rate of the US dollar to the Egyptian pound retreated on Sunday. At the Suez Canal Bank, the dollar recorded EGP 49.65 for buying and EGP 50.75 for selling by 3:53 pm. The US dollar traded at EGP 49.64 for buying and EGP 49.74 for selling at the Commercial International Bank Egypt (CIB), Banque Misr, and the National Bank of Egypt (NBE). The exchange rate hit EGP 49.63 for buying and EGP 49.73 for selling at Al Baraka Bank Egypt. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
26-06-2025
- Business
- Zawya
Egypt: USD/EGP exchange slightly down on Wednesday
Arab Finance: The exchange rate of the US dollar to Egyptian pound edged down on Wednesday, with the US dollar trading at EGP 49.87 for buying and EGP 49.97 for selling at the Commercial International Bank Egypt (CIB). The exchange rate hit EGP 49.87 for purchasing and EGP 49.97 for selling at Banque Misr, and it recorded EGP 49.85 for buying and EGP 49.95 for selling at the National Bank of Egypt (NBE). The USD recorded EGP 49.95 for buying and EGP 50.50 for selling at the Suez Canal Bank. At both the United Bank and Faisal Islamic Bank of Egypt, the exchange rate stood at EGP 49.85 for purchasing and EGP 49.95 for selling. The US dollar recorded EGP 49.85 for buying and EGP 49.95 for selling at Al Baraka Bank Egypt. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
19-06-2025
- Business
- Zawya
USD/EGP exchange rates continue rising at Egyptian banks
Arab Finance: The exchange rate of the US dollar to Egyptian pound edged up to EGP 50.5 for buying and EGP 50.6 for selling at the National Bank of Egypt (NBE), Banque Misr, and the Commercial International Bank Egypt (CIB). During Wednesday's mid-session, the USD traded at EGP 50.2 for purchasing and EGP 50.3 for selling. The US dollar has been recently witnessing fluctuations amid rising tension in the Middle East. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
