The Egyptian pound has climbed to its highest value against the U.S. dollar since November 2024, reigniting debate among investors and economists over whether the rally is sustainable. As of Thursday, 24 July, the pound was trading near EGP 49 per dollar, rebounding sharply from levels above EGP 51 just weeks earlier. The appreciation follows shifts in global capital allocation, as markets have increasingly rotated away from the U.S. dollar in recent months, driven by expectations of Federal Reserve rate cuts and rising geopolitical uncertainty. As capital moves into emerging markets and select European economies, the Egyptian pound has emerged as a surprising beneficiary. Analysts attribute the appreciation to a confluence of domestic reforms, international investment inflows, and a favorable turn in global monetary dynamics. This trend has translated into heightened interest in Egypt’s high-yield treasury bills and specialized financial instruments like Currency Investment Products (CIPs), which have drawn both institutional and retail capital from abroad. On the domestic front, Egypt has made structural strides to revive investor trust. A resurgence in both direct and portfolio foreign investments has bolstered optimism, while the Central Bank of Egypt continues to anchor…
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