Dollar up 3.46% vs Pound; 1B in interbank trades

The foreign exchange market in Egypt experienced a noticeable increase in the US dollar's exchange rate against the Egyptian pound over the past week. By the end of trading today, Thursday, the dollar was approximately 55.38 EGP for selling, marking an increase of about 185 piasters compared to last week, which is a 3.46% rise. The main reason for this increase is the exit of foreign investments from local debt instruments, estimated to be between $600 million and $700 million during the day. This has boosted demand for the dollar in the interbank market, which saw trading values of $1 billion today—more than the usual daily average of between $100 million and $400 million. These pressures add to the challenges facing the Egyptian market and underscore that the pound's decline against the dollar reflects the movements of foreign investors and their impact on the currency market, despite efforts by the Central Bank to maintain exchange rate stability.

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