Dollar surpasses 55 against EGP
The US dollar recorded an unprecedented increase against the Egyptian pound, surpassing the 55-pound mark during Thursday's trading sessions. It reached 55.25 EGP for buying and 55.35 EGP for selling at the National Bank of Egypt, and 55.23 EGP for buying and 55.33 EGP for selling at Banque Misr. This surge comes amid ongoing pressures on the Egyptian pound due to regional geopolitical tensions and a decline in hot money inflows, which are foreign investments seeking high returns. As a result, the value of the local currency has deteriorated, with the dollar continuing to rise and expectations of further fluctuations, raising concerns about broader economic impacts.
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