USD slips on the exchange market against the Egyptian pound as week starts

Cairo – July 20, 2025: The Egyptian pound saw a notable rebound against the US dollar as the new trading week began, driven by a surge in dollar availability and a calming of regional tensions—factors that have helped steady the local currency market.

By Sunday morning, the Central Bank of Egypt listed the dollar at LE 49.36 for purchase and LE 49.49 for sale, marking a decline from its mid-June high, when it briefly surpassed LE 51.

Among commercial banks, Abu Dhabi Islamic Bank posted the highest rate at LE 49.40 (buying) and LE 49.49 (selling). Crédit Agricole Egypt offered the most favorable rates for buyers, with the dollar available at LE 49.27 for buying and LE 49.37 for selling.

At several major banks — including the National Bank of Egypt, Banque Misr, Banque du Caire, Al Baraka Bank Egypt, and Suez Canal Bank — the dollar remained steady at LE 49.32 for buying and LE 49.42 for selling.

Egypt plans to issue up to $4 billion in international bonds over the next 12 months, according to Finance Minister Ahmed Kouchouk.

In a separate statement, Egypt expects to conclude the fifth and sixth reviews of its extended loan program with the International Monetary Fund (IMF) by September or October. Completion of the reviews would unlock a $2.5 billion disbursement, according to Kouchouk, who spoke during a recent visit to London.

“Both sides are working toward completing the reviews by early fall,” Kouchouk said, adding that the IMF remains focused on key reform targets.

The IMF is also set to intensify its focus on Egypt’s state-asset privatization strategy. Authorities are now aiming for a small number of high-impact strategic deals, particularly in sectors such as telecommunications, airport management, and financial services.

Earlier this month, the IMF announced that the fifth and sixth program reviews would be merged, citing the need for more time to achieve progress on structural reforms — particularly efforts to reduce the public sector’s footprint in the economy.

According to IMF estimates, Egypt aims to raise $3 billion from state-asset sales in the current fiscal year, up sharply from $600 million in the previous year. The government is targeting an additional $2.1 billion in the following fiscal year.

Kouchouk confirmed the government intends to complete up to four initial public offerings (IPOs) in the current fiscal year across multiple sectors. Egypt has also shared a medium-term reform roadmap with the IMF and international partners, including a detailed and transparent timeline for implementation.