The Egyptian banking sector witnessed a turbulent close to the trading week as the US Dollar surged to unprecedented heights against the Egyptian Pound.
By the end of Thursday’s sessions, the greenback had gained between LE 2.17 and LE 2.45 across ten major lenders compared to the previous week, signaling a sharp acceleration in the local currency’s depreciation.
Leading the state-owned sector, Banque Misr recorded one of the most significant jumps, with the dollar rising by LE 2.35 to reach LE 52.44 for purchase and LE 52.54 for sale. Both the National Bank of Egypt and Banque Cairo followed a similar trajectory, closing at LE 52.39 (buy) and LE 52.49 (sell), marking a weekly increase of LE 2.30.
The private sector saw even higher valuations. Crédit Agricoleposted the week’s steepest climb of LE 2.45, setting its rates at LE 52.50 for purchase and LE 52.60 for sale. Abu Dhabi Islamic Bank matched this selling price, though its weekly increase was slightly more conservative at LE 2.17.
Meanwhile, the Commercial International Bank (CIB) and Suez Canal Bank both breached the 52.50 barrier for selling, with the latter closing at LE 52.55. Other major institutions, including Bank of Alexandria, the Housing & Development Bank, and Al Baraka Bank, all converged around the LE 52.45–52.49 selling range, further cementing the pound’s new historic low.
US dollar shatters historic records across Egypt’s banking sector Egypt Independent.
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