The US dollar saw a slight decrease against the Egyptian pound at the close of trading on Monday, February 2, 2026, continuing the relative stability that has characterized the Egyptian exchange market recently. This stability follows significant economic decisions made by the Central Bank of Egypt, aimed at regulating the foreign exchange market and eliminating the parallel market.
The economic context of exchange rates in Egypt
The current stability stems from the Central Bank of Egypt's decision on March 6, 2024, to fully liberalize the Egyptian pound's exchange rate, allowing it to fluctuate according to supply and demand. This decision was a crucial step towards unifying the official exchange rate with the parallel (black) market rate, which had caused significant economic distortions and negatively impacted foreign investment. This decision coincided with a 600-basis-point interest rate hike to curb inflationary pressures, as well as securing a substantial international financing package from the International Monetary Fund and other international and regional partners, most notably the "Hekma" deal with the United Arab Emirates, which injected significant dollar liquidity into the Egyptian economy.
The importance of exchange rate stability and its expected impact
The stability of the dollar exchange rate is of paramount importance to the Egyptian economy on multiple levels. Domestically, a stable Egyptian pound helps curb inflation, as Egypt relies heavily on imports of essential goods and raw materials, and a depreciating currency directly increases their cost for consumers. This stability also provides greater clarity for businesses and investors, encouraging the expansion of production activities and boosting the competitiveness of Egyptian exports. Internationally, a flexible and unified exchange rate enhances the confidence of foreign investors and global investment funds in the Egyptian economy, encouraging the influx of foreign direct investment, a key driver of economic growth and job creation.
Dollar exchange rates in Egyptian banks today
The following are the details of the dollar exchange rates in the most prominent Egyptian banks at the end of trading today:
- Central Bank of Egypt: 47.01 Egyptian pounds for buying, and 47.15 Egyptian pounds for selling.
- National Bank of Egypt: 47.04 Egyptian pounds for buying, and 47.14 Egyptian pounds for selling.
- Bank of Egypt: 47.04 Egyptian pounds for buying, and 47.14 Egyptian pounds for selling.
- Bank of Alexandria: 47.02 EGP for buying, and 47.12 EGP for selling.
- Commercial International Bank (CIB): 47.03 EGP for buying, and 47.13 EGP for selling.
- Suez Canal Bank: 47.03 Egyptian pounds for buying, and 47.13 Egyptian pounds for selling.
- Abu Dhabi Islamic Bank: 47.04 Egyptian pounds for buying, and 47.14 Egyptian pounds for selling.
- Faisal Islamic Bank: 47.02 pounds for buying, and 47.12 pounds for selling.
- National Bank of Kuwait: 47.00 Egyptian pounds for buying, and 47.10 Egyptian pounds for selling.
- Cairo Bank: 47.10 EGP for buying, and 47.20 EGP for selling.
