The Price of the Dollar in Egypt Declines After Record Jumps

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The price of the dollar in Egypt decreased during trading today, Wednesday, as the American currency relinquished the gains it had recorded in the past few days, with the pound benefiting from positive inflows of hot money into Egyptian debt instruments.

According to a survey conducted by "Al Arabiya Business", the highest exchange rate for the US dollar at Abu Dhabi Islamic Bank was at 52.10 pounds for buying and 52.20 pounds for selling.

Meanwhile, the lowest exchange rate for the US dollar was at First Abu Dhabi Bank and HSBC Bank at 51.85 pounds for buying and 51.95 pounds for selling.

At the banks of Saib, the Arab Bank, the Gulf Egyptian Bank, the Industrial Development Bank, Al Baraka, and the Housing and Development Bank, the dollar price was 51.90 pounds for buying and 52.00 pounds for selling, while at the National Bank of Egypt, Bank Misr, the Egyptian Real Estate Bank, and the Commercial International Bank, the dollar price was 51.88 pounds for buying and 51.98 pounds for selling.

The Central Bank of Egypt recorded the exchange rate of the US dollar at 52.06 EGP for buying and 52.19 EGP for selling.

Transactions by Arabs and foreigners in the secondary market for Egyptian government debt recorded a net purchase of 136.6 million dollars during trading on Tuesday, according to data from the Egyptian Stock Exchange.

According to the data, Arab transactions recorded a net purchase of 380.7 million dollars, while foreign transactions recorded a net sale of 244.1 million dollars.

Positive flows of hot money continued in Egyptian debt instruments, with a net purchase of 93 million dollars during trading on Monday, and a net purchase of 1.4 billion dollars during trading last week.

Hot money flows returned to Egyptian debt instruments after a wave of exits, as transactions by Arabs and foreigners recorded a net sale of 513 million dollars during trading the week before last.

The Central Bank of Egypt stated that net foreign reserves in August rose "provisionally" to about $57.22 billion, compared to about $56.3 billion in July.

Egypt's foreign currency reserves reached a new record level by the end of August 2026, becoming the highest in the country's history.

The steady growth in Egypt's net international reserves is supported by an improvement in the country's foreign currency revenue sources, as exports have seen a rising trend since the beginning of 2025, along with increased income flows from tourism and remittances from Egyptians working abroad.

Remittances from Egyptians working abroad during the first seven months of 2026, from January to July, increased by 28.1% to reach about $29.7 billion, compared to about $23.2 billion during the same period last year, according to data from the Central Bank of Egypt.

Remittances from Egyptians working abroad continued their upward trajectory in July 2026, rising by 20% to reach about $4.5 billion, compared to about $3.8 billion in July 2025.

The remittances of Egyptians working abroad rose to 47.3 billion dollars in the last fiscal year 2025-2026, compared to 36.5 billion dollars in the fiscal year 2024-2025, with a growth of 29.6%.

Remittances from Egyptians abroad recorded a record flow in 2025, the highest ever, rising by 40.5% to reach approximately 41.5 billion dollars, compared to about 29.6 billion dollars in 2024.