The dollar passes EGP 55 in Egyptian banks for the first time
By the close of trading on Thursday 22 October, banks were selling the dollar at between EGP 55.33 and EGP 55.37, its highest level yet.
The US dollar went above EGP 55 in Egyptian banks for the first time on Thursday 22 October. By the close of trading, Al Baraka Bank was selling it at EGP 55.37, the National Bank of Egypt, Banque du Caire and Suez Canal Bank at EGP 55.35, and Banque Misr at EGP 55.33, Egyptian Streets and Masrawy reported.
Buying and selling rates both rose by about 90 piastres during the day. The dollar stood at around EGP 47.72 at the end of February, so the pound has lost about 13.8 percent of its value against it since then. Egypt has let the market set the exchange rate since March 2024.
Thursday's rates are the ones that apply over the weekend, as banks reopen on Sunday. If you are changing money, paying a card bill in dollars or booking travel, budget at above EGP 55 to the dollar, and check your own bank's rate on its website or app before you pay.