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Geopolitical Risks Lift Dollar Over 54 Pounds
The dollar exchange rate has continued to rise against the Egyptian pound for the third consecutive day, surpassing 54 pounds in some banks. The increase ranged between 42 and 45 piastres across various banks, with rates at Alexandria Bank, Misr Bank, and the National Bank of Egypt reaching approximately 53.89 to 53.92 pounds for buying, and 54 pounds for selling. Financial experts attributed this rise to escalating geopolitical risks, increased demand for the dollar, foreign investment movements, along with a 27.2% rise in remittances from Egyptians abroad, and foreign exchange reserves reaching $57.35 billion. Experts forecast ongoing volatility in the market with continued short-term pressures, especially if external tensions persist or foreign investment inflows decline, accompanied by warnings about the impact of rising dollar rates on the cost of imported goods and production inputs.
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