The Egyptian pound weakened further on Tuesday, 31 March, as the US dollar continued to hover close to the EGP 55 level in parts of the banking system, with regional tensions and broader pressures on trade supply chains weighing on market sentiment. Data compiled from several banks at the close of business showed the dollar trading at up to around EGP 54.8 for buying and EGP 54.9 for selling at institutions including Suez Canal Bank and National Bank of Kuwait, compared with Monday’s higher end levels of roughly EGP 54.5 for buying and EGP 54.6 for selling. Other lenders quoted narrower spreads in the range of approximately EGP 54.5 to 54.53 for buying and around EGP 54.6 for selling, suggesting broadly aligned pricing across the system. At the Central Bank of Egypt (CBE), the dollar was quoted at EGP 54.5 for buying and EGP 54.66 for selling, largely unchanged from Monday, with only marginal movement. Alongside the dollar, other major currencies showed mixed performance. The euro rose to around EGP 62.67 for buying and EGP 62.8 for selling, while sterling also increased slightly to about EGP 72.18 for buying andContinue reading "Egyptian Pound Slides Further as Dollar Nears EGP 55 and Growth Forecasts Are Cut"
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