Banks See Dollar Fall

The dollar fell against the Egyptian pound at Egyptian banks on Monday, November 2, 2026, reaching 55.48 pounds at the Central Bank. The decline came after interest rates were raised by 100 basis points—to 20% for deposits and 21% for lending—and Saudi Arabia renewed its $5.3 billion deposit, alongside improved expectations for a return of investment. Experts say the drop may be a temporary correction, as Egypt faces foreign-currency obligations estimated at around $60 billion and declining tourism and Suez Canal revenues, while dollar futures have approached 64 pounds. They stressed that long-term exchange-rate stability requires sustainable sources of foreign currency, achieved by boosting production, exports, and domestic manufacturing, and narrowing the gap between imports and exports.

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