Egyptian dollar hits record high

The exchange rate of the dollar against the Egyptian pound reached an all-time high, reaching 55.35 pounds by the end of today's trading, an increase of approximately 90 piastres from yesterday's close. Analysts expect the exchange rate to end the current year between 53 and 54 pounds, amid escalating geopolitical tensions and rising import bills that put pressure on hard currency. Although an increase in foreign exchange reserves and net foreign assets somewhat limit these pressures, the continued rise in energy prices remains a negative factor for the pound's exchange rate. Meanwhile, factors such as foreign exchange reserves continue to support the currency.

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