Egyptian pound hits strongest level against US dollar in over a year

This improvement follows the signing of the Marrasi Red Sea project on Monday, which involves Saudi and Emirati investments worth more than $18 billion (around EGP 900 billion).

It also comes just days after Egypt officially launched its National Economic Development Narrative on Sunday, a plan aimed at boosting growth and creating jobs.

On Tuesday, the US dollar fell below EGP 48 for the first time since July 2024. 

According to the CBE, the US dollar is now trading at EGP 47.9 for buying and EGP 48 for selling.

Similar rates were recorded at the National Bank of Egypt (NBE), Banque Misr, Al Ahli Bank of Kuwait, Alex Bank, and the Commercial International Bank (CIB), among others.

Egypt’s new economic development narrative will remain open for public dialogue through November and is intended to outline the country’s economic path after the conclusion of its loan agreements with the International Monetary Fund (IMF) between September and November.

An IMF mission is expected to arrive in Cairo this month to complete the fifth and sixth reviews of the $8 billion Extended Fund Facility (EFF) loan programme and to begin discussions on the first review of the $1.3 billion Resilience and Sustainability Facility (RSF) loan programme.