The dollar’s price against the Egyptian pound fell significantly at the start of trading on Monday, dropping by about nine piasters just two hours after the start of trading, thus continuing the downward trend that began on Sunday after it had lost another four piasters.
The dollar’s exchange rate fell in most banks to levels approaching LE 47, supported by an improvement in the supply of foreign currency and market stability in recent times.
At the National Bank of Egypt, it reached LE47.02 for buying and LE47.12 for selling, while at Banque Misr it reached LE47.03 for buying and LE47.13 for selling.
At the Commercial International Bank (CIB), it remained stable at LE 47 for buying and LE 47.10 for selling.
The Central Bank of Egypt noted in a statement on Monday that remittances from Egyptians working abroad increased by 45.1 percent during the first nine months of the current calendar year (January-September 2025).
Remittances reached approximately US$ 30.2 billion (compared to approximately US$ 20.8 billion during the same period of the previous year).
On a monthly basis, remittances increased by 30.9 percent in September, reaching approximately $ 3.6 billion (compared to approximately $ 2.7 billion in September 2024).
Economist and financial analyst Hani Aboul-Fotouh said that the decline of the dollar against the Egyptian pound reflects the continued improvement of the Egyptian currency recently.
This was driven by improved foreign currency inflows and a decrease in demand for hard currency in the local market, he said.
Aboul-Fotouh added that the dollar’s drop to new lows indicates a real improvement in dollar liquidity within the banking system.
He further explained that the increase in remittances from Egyptians abroad, the rise in export revenues, and the stability of Suez Canal revenues all contributed to easing pressure on the exchange rate.
Edited translation from Al-Masry Al-Youm
