US dollar surpasses 51 pounds in Egypt
The US dollar rose against the Egyptian pound today, Monday, August 31, 2026, surpassing the 51-pound level at some banks, while the exchange rate remained stable around approximately 50.97 pounds for buying and 51.07 pounds for selling, according to the National Bank and Banque Misr. This increase comes amid record-high remittances from Egyptians abroad, which reached $47.3 billion for the fiscal year 2025-2026, marking a 29.6% increase compared to the previous year. Additionally, remittances in June alone rose by 15.6% to $4.2 billion. The impact of this rise is evident in the increased prices of domestically manufactured goods that rely on imports. Meanwhile, the black market and currency exchange kiosks show a noticeable uptick in dollar rates, reflecting volatility in the local exchange market amid expectations of further fluctuations.
Notice: This Is an AI-Generated Summary
Comments (0)