On Thursday, the US dollar’s exchange rate against the Egyptian pound has surged to EGP 6.8711 for buying and EGP 6.9012 for selling to represent an increase of  one piaster, compared to Wednesday’s levels of EGP 6.8603 for buying and EGP 6.8904 for selling, according to the recent data released by the National Bank of Egypt (NBE). The US dollar’s rise coincided with the 46th FX auction by the Central Bank of Egypt (CBE) of US$ 40 million to local banks in an attempt to fill the banks’ needs for the US currency. More»

On Wednesday, the exchange rate of the US dollar against the Egyptian pound has jumped to EGP 6.8603 for buying and EGP 6.8904 for selling, compared to Tuesday’s levels of EGP 6.849 (buy price) and EGP 6.8791 (sell price). For the non-Arab foreign currencies, the prices of euro, pound sterling, and the Swiss franc put up; while yen solely declined. Euro’s price has increased to EGP 8.9482 for buying and EGP 9.3499 for selling, opposed to Tuesday’s levels of EGP 8.8932 for buying and EGP 9.2911 for selling. The pound sterling also rose to EGP 10.47 for buying and EGP 10.9396 for selling, compared to Tuesday’s EGP 10.4139 for buying and EGP 10.8811 for selling. Additionally, the Swiss franc’s exchange rate inched up to EGP 7.3197 for buying and EGP 7.651 for selling, opposed to Tuesday’s EGP 7.2841 for buying and EGP 7.6172 for selling. On the contrary, the exchange rate of yen fell as the ¥100 hit on Wednesday EGP 6.8792 for buying and EGP 7.1829 for selling, compared to Tuesday’s levels of EGP 6.8838 (buy price) and EGP 7.1907 (sell price). More»

On Tuesday, the exchange rate of the US dollar against Egypt pound has steadied at EGP 6.849 for buying and EGP 6.8791 for selling. On the contrary, the exchange rates of euro, Swiss franc, Kuwaiti dinar, and UAE dirham have increased against the Egyptian pound on Tuesday. On the contrary, the exchange rates of Saudi riyal, pound sterling, and yen declined against the Egyptian pound. The euro’s price increased to EGP 8.8932 for buying and EGP 9.2911 for selling, opposed to Monday’s levels of EGP 8.8768 for buying and EGP 9.2217 for selling. The Swiss franc’s price hiked to EGP 7.2841 for buying and EGP 7.6172 for selling, as opposed to Monday’s levels of EGP 7.2818 for buying and EGP 7.5829 for selling. The Kuwaiti dinar also soared to EGP 23.7959 for buying and EGP 24.6972 for selling, compared to Monday’s levels of EGP 23.8126 for buying and EGP 24.594 for selling. More»

On Thursday, the exchange rates of the US dollar, Saudi riyal and UAE dirham have steadied against the Egyptian pound. On the other hand, the exchange rates of euro, pound sterling, Swiss franc, yen and Kuwaiti dinar have declined. The table below shows the exchange rates of the Arab and foreign currencies against the Egyptian pound on Wednesday according to the National Bank of Egypt (NBE): More»

Egypt's pound will depreciate steadily against the dollar over the next 12 months, undermined by political and economic problems for the foreseeable future, a Reuters poll indicated on Wednesday. A poll on African currencies suggested the pound will weaken to around 7.08 per dollar by this time next year, from current levels at 6.8177. The pound has lost almost 13 percent of its value in the past 12 months. "It is a reflection of the weakness in the balance of payments, in light of the difficult political situation and economic situation," said Reinhard Cluse, chief economist for Europe and CEEMEA at UBS. "Egypt faces great difficulty in attracting the required capital from the current account deficit. That means they face an ongoing loss in foreign exchange reserves." Egypt aims to boost its foreign currency reserves to $16 billion by the end of June, offering a lower target than the government had previously announced. The reserves stood at $13.5 billion at the end of February, barely enough to cover three months of imports for a country of 84 million that buys much of its food and fuel from abroad. More»

The US dollar exchange rates against the Egyptian pound at banks increased to EGP 6.8177 for buying and EGP 6.8478 for selling, compared to yesterday’s levels of EGP 6.8096 for buying and EGP 6.8397 for selling. Meanwhile, the US currency exchange rate at forex firms steadied at EGP 6.8090 for buying and EGP 6.8397 for selling. Meanwhile, sources told Amwal Al Ghad that the US dollar’s average exchange rate in the black market has reached on Wednesday EGP 7.90, compared to EGP 8.10 on Tuesday, representing a decline of 20 piasters. More»

Ezz Steel (ESRS.CA) raised the price of steel Sunday to EGP 5,050 per ton from EGP 4,960 as a result of the dollar's rise against the Egyptian pound, a company official said.The increase is the fifth of its kind since the Ministry of Industry and Trade This recent increase is the fifth of its kind in a row, since the decision of the Industry and Trade Ministry to impose a 6.8 percent per ton as protection fees on imported iron last December, bringing the total increases to about EGP 1,000. The company, which controls alone 50 percent of the domestic production, would increase prices to consumers to between EGP 5,150 and EGP 5,300 with its latest price hike. More»

The US dollar’s price against the Egyptian pound has put up on Thursday to EGP 6.803 (buy price) and EGP 6.8331 (sell price), compared to Wednesday's EGP 6.7995 (buy price) and EGP 6.8296 (sell price), to represent an increase of  more than 25 piasters. The US currency's rise coincides with the Egyptian Central Bank's offering its 40th FX auction worth US$40 million on Thursday. The pound sterling also increased on Thursday EGP 10.2776 (buy price) and EGP 10.5272 (sell price), as opposed to Wednesday's levels of EGP 10.2513 (buy price) and EGP 10.501 (sell price). The yen’s price against the Egyptian pound also increased as the ¥100 hit on Thursday EGP 7.2113 (buy price) and EGP 7.3821 (sell price), compared to Wednesday's levels of EGP 7.1657 (buy price) and EGP 7.3354 (sell price). Also on Thursday, the Saudi riyal and the UAE dirham rose. The Saudi riyal hit EGP 1.8089 (buy price) and EGP 1.8272 (sell price), as opposed to Wednesday's levels of EGP 1.808 (buy price) and EGP 1.8263 (sell price). The UAE dirham reached EGP 1.8507 (buy price) and EGP 1.8959 (sell price), as opposed to Wednesday's levels of EGP 1.8497 (buy price) and EGP 1.8949 (sell price). More»

On Monday, the exchange rates of the US dollar, euro and Swiss franc have slightly surged against Egypt pound. The US currency have risen to EGP 6.7988 (buy price) and EGP 6.8289 (sell price), compared to Sunday’s EGP 6.798 (buy price) and EGP 6.8281 (sell price). For the euro, it put up to EGP 8.8144 (buy price) and EGP 9.0281(sell price), compared to Tuesday’s EGP 8.7931 (buy price) and EGP 9.0083 (sell price). The Swiss franc also surged to EGP 7.1923 (buy price) and EGP 7.3643 (sell price), compared to Sunday’s levels of EGP 7.1754 (buy price) and EGP 7.3471 (sell price). On the contrary, the pound sterling fell on Monday to EGP 10. 3003 (buy price) and EGP 10.5505 (sell price), representing a decline of one piaster and a half. This came after the UK currency increased on Sunday to EGP 10.3126 (buy price) and EGP 10.5645 (sell price) to represent raise against the Egypt pound of 4.25 piasters. More»

The US dollar’s price against the Egyptian pound has steadied on Sunday at EGP 6.798 (buy price) and EGP 6.8281 (sell price). Belal Khalil - Deputy Chairman of the Foreign Exchange Division of the Federation of the Chamber of Commerce - said the US currency has remained with no change on Sunday as the Central Bank of Egypt did not offer dollars (FX auction) to the local banks. Khalil has also referred to the Aussie dollar and pound sterling's recent significant rise against the Egypt pound. The Aussie dollar's exchange rate has exceeded EGP 7 level for its average price has reached EGP 7.20, compared to EGP 6.95 during the last week trading. Khalil has attributed the Aussie dollar and pound sterling's price rise to the increasing demand on finding alternatives for the unavailable US currency. The pound sterling also increased on Sunday to EGP 10. 35 (buy price) and EGP 10.53 (sell price), as opposed to the Thursday's levels of EGP 10.30 (buy price) and EGP 10.4625 (sell price) representing an increase of 7 piasters for the sell price and of EGP 5 piasters for the buy price. Also, the Kuwaiti dinar's exchange rate has steadied on Sunday at EGP 23.61(buy price) and EGP 24.35 (sell price). More»