Egyptian Pound Climbs to Highest Level Since 2024 Amid FX Recovery

Cairo – August 13, 2025 – The Egyptian pound strengthened sharply on Wednesday, hitting its highest exchange rate in nearly ten months as improved dollar inflows and stronger liquidity conditions lifted sentiment in the currency market.

By midweek trading, the pound was quoted at EGP 48.30 for buying and EGP 48.40 for selling against the US dollar — levels not seen since October 2024. The latest figures represent a solid recovery from the lows recorded on October 1 of last year, when the rate dipped to EGP 48.19 for buying and EGP 48.29 for selling.

The appreciation reflects growing market confidence following improved access to foreign currency and a more favorable balance of payments environment.

The currency’s rise follows a wave of easing measures introduced by the Central Bank of Egypt (CBE), which earlier this week raised the maximum foreign currency disbursement limit for travelers through local banks. Customers can now withdraw up to $10,000 ahead of travel, aligning with the legally permitted cap for departing passengers.

Market confidence was further boosted after several major banks, including the National Bank of Egypt and Bank Misr, announced a reduction in FX markup fees on credit card transactions from 5 percent to 3 percent, making international spending more accessible for customers.

The CBE’s recent instructions also included updated rules for overseas card usage, easing controls that had previously limited access to foreign currency and placed pressure on consumers during travel.

The pound’s upward momentum broke a key psychological resistance level, helping reverse months of pressure that had weighed on the currency. Analysts view this as a positive sign of economic stabilization and the banking sector’s growing ability to meet demand for foreign exchange without pushing prices beyond official rates.

The improvement in FX conditions is closely tied to rising international reserves and stronger remittance flows. Official data shows that Egypt’s net international reserves climbed to $49.036 billion by the end of July 2025, up from $48.7 billion a month earlier, an increase of $336 million.

Meanwhile, remittances from Egyptians abroad recorded a sharp 69.6 percent increase during the first 11 months of the 2024/2025 fiscal year, reaching approximately $32.8 billion, compared to $19.4 billion in the same period the year before.