Sunday 05 Jan
The Egyptian pound has seen a period of relative stability against the US dollar on Thursday, January 2, 2025, following a decline of over 3% since the beginning of November. During this period, the dollar's exchange rate rose from EGP 49.03 to EGP 51.22.
Economic analysis of exchange rate developments:
According to Investing.com,
Mahmoud Khalifa, Head of Direct Investment at CI Capital, stated that
controlling inflation heavily relies on the recovery of the Egyptian pound and
an increase in foreign currency inflows.
Inflation and exchange rate
forecasts:
Inflation is expected to remain
above 20% until the end of April, driven by increased seasonal demand for goods
during Ramadan and rising imports at the beginning of the new year. He
suggested the possibility of the dollar's exchange rate reaching EGP 55 by
mid-2025, which could exacerbate economic challenges.
Inflation.. Slight improvement in
November:
Data from the Central Agency for
Public Mobilization and Statistics showed that the annual inflation rate
decreased to 25.5% in November compared to 26.5% in October, reaching its
lowest level since the end of 2022.
US dollar exchange rates in local banks Thursday:
National Bank of Egypt: Buying
EGP 50.78, Selling EGP 50.88
Commercial International Bank
(CIB): Buying EGP 50.78, Selling EGP 50.88
Egyptian Gulf Bank: Buying EGP
50.78, Selling EGP 50.88
Bank of Alexandria: Buying EGP
50.79, Selling EGP 50.89
Central Bank of Egypt: Buying EGP
50.7707, Selling EGP 50.9069
Abu Dhabi Islamic Bank: Buying
EGP 50.80, Selling EGP 50.90
Suez Canal Bank: Buying EGP 50.80,
Selling EGP 50.90
Banque Misr: Buying EGP 50.78, Selling EGP 50.88
