Egyptian pound surges – dollar hits 9-month low against local currency

The US dollar has fallen to its lowest level in Egypt in nine months, reaching LE 48.75 for buying and LE48.85 for selling per dollar.

Bankers attribute this continued decline of the dollar against the Egyptian pound to an increased supply of foreign currency during the summer season, outstripping demand, especially following the unification of the exchange rate market.

Typically, during the summer months of July, August, and September, foreign currency inflows rebound significantly. This is largely due to the start of the Gulf tourism season and the return of Egyptian expatriates for their family vacations, which boosts foreign currency receipts.

Remittances from Egyptian expatriates represent the second-largest official source of foreign currency after export revenues. The increased circulation of foreign currency in banks and exchange offices further strengthens the pound against the dollar.

According to Central Bank data, remittances from Egyptians working abroad jumped by 69.6 percent during the first 11 months of the 2024-2025 fiscal year, reaching $32.8 billion.