US dollar climbs to new high against Egyptian pound amid capital outflows

The US dollar recorded a significant rise against the Egyptian pound on Monday, surpassing the 51-pound mark once again amid continued outflows of foreign capital from Egyptian debt instruments, renewed geopolitical tensions, and the dollar's strength against major currencies.

According to data monitored by Al Arabiya Business, the highest exchange rate for the dollar was seen at Abu Dhabi Islamic Bank, Suez Canal Bank, and Crédit Agricole, reaching 51.42 pounds for buying and 51.52 pounds for selling. Emirates NBD offered the lowest rate at 50.40 pounds for buying and 50.50 pounds for selling.

Exchange rate variations across Egyptian banks

The data indicated that the dollar traded at 51.32 pounds for buying and 51.42 pounds for selling at Banque Misr. At Commercial International Bank, Al Baraka, and Next Bank, the rate stood at 51.30 pounds for buying and 51.40 pounds for selling. The National Bank of Egypt posted rates of 51.16 pounds for buying and 51.26 pounds for selling, while the Central Bank of Egypt set the rate at 51.06 pounds for buying and 51.20 pounds for selling.

Capital outflows and their impact on the market

Data from the Egyptian Exchange showed that Arab and foreign investors recorded a net sale of $1.46 billion in the secondary market for government debt last week, putting additional pressure on the Egyptian pound. The market had previously seen net purchases of $8.76 billion in June and $11.66 billion in the second quarter of 2026, before the recent return of capital outflows.

Improvement in foreign reserves and remittances

The Central Bank of Egypt announced that net foreign currency reserves rose to $55.07 billion in June, up from $53.134 billion in May, marking the highest level in the country's history.

Meanwhile, remittances from Egyptians working abroad increased by 33.2% during the first ten months of the current fiscal year (July/April 2025–2026), reaching around $39.2 billion compared to $29.4 billion in the same period of the previous fiscal year. Remittances in April 2026 grew by 44% to $4.3 billion, up from $3 billion in April 2025.

It is worth noting that remittances from Egyptians abroad reached a record $41.5 billion in 2025, a 40.5% increase over 2024.