Egypt dollar hits 54 pounds in banks
The price of the US dollar in Egypt experienced a significant rise until October 20th, reaching a record high of around 54 pounds, the highest level since April 2026, as the value of the Egyptian pound declined against the US dollar. Despite a slight decrease today, the exchange rate remained high at banks, fluctuating between 53.88 and 54.02 pounds per dollar. Egyptians are closely watching how this increase will impact local prices, especially for imported goods, while the Central Bank of Egypt continues to monitor the market. Additionally, Egypt's foreign exchange reserves hit a record high of $57.35 billion in September, with expatriate remittances increasing by 27.2% during the first eight months of 2026, reaching $33.9 billion. This growth is attributed to improved exports, tourism income, and remittances from Egyptians working abroad.
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