{"id":669085,"date":"2025-07-28T00:00:00","date_gmt":"2025-07-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/28\/egp-hits-nine-month-high-against-the-usd\/"},"modified":"2025-07-28T00:00:00","modified_gmt":"2025-07-28T00:00:00","slug":"egp-hits-nine-month-high-against-the-usd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/28\/egp-hits-nine-month-high-against-the-usd\/","title":{"rendered":"EGP hits nine-month high against the USD"},"content":{"rendered":"

EGP extends gains, hits nine-month high against USD:<\/strong> The EGP continued strengthening against the greenback yesterday, reaching its highest level since October 2024. The USD was changing hands at EGP 48.85-48.95 at the National Bank of Egypt and Banque Misr and at EGP 48.83-48.93 at the CIB at the end of the banking day yesterday.<\/p>\n

Foreign inflows fuel EGP rally:<\/strong> An improved FX inflow and a higher supply of USD liquidity are driving up the EGP recovery against the greenback, a senior banker told EnterpriseAM yesterday. \u201cWe are seeing weekly inflows of USD 1 to 1.2 bn into debt instruments,\u201d the source said. This happens as interest rates rise and geopolitical tensions ease, luring foreign investors back into emerging and frontier markets, the banker added.<\/p>\n

Tourism receipts are helping, too<\/strong> (we\u2019re approaching the peak of the summer season as the Gulf descends on Sahel) as are remittances<\/strong>, helping make up for the elimination of Suez Canal receipts thanks to the Houthis\u2019 campaign against shipping in the Red Sea. Remittances from Egyptians living abroad climbed<\/a> 24.2% y-o-y to reach USD 3.4 bn in May, making it the fifteenth consecutive months of y-o-y remittance growth. Remittances sent between July 2024 and May 2025 rose 69.6% y-o-y to reach USD 32.8 bn, while the figure jumped 59% y-o-y in the period between January and May 2025 to hit USD 15.8 bn.<\/p>\n

Bankers we surveyed expect the EGP to appreciate a bit more<\/strong> in the coming weeks, bolstered by strong inflows of hard currency. <\/p>\n

REMEMBER- <\/strong>Suez Canal receipts fell<\/a> 54.1% y-o-y to USD 2.6 bn during the first nine months of the last fiscal year, with net tonnage down 61.9% and vessel transits falling 44.8%.<\/p>\n

Don\u2019t expect a Suez Canal rebound anytime soon: <\/strong>The Houthis said yesterday<\/a> that they would step-up attacks on shipping as part of their bid to put pressure on Israel to stop its war in Gaza. <\/p>\n

There\u2019s less demand for greenbacks on the interbank market, with transactions dropping to <\/strong>between USD 100-200 mn a day<\/strong> with most banks having healthy FX positions, a banker told us, noting that strong USD inflows are bolstering the EGP at a time when global trends suggest potential weakening of the greenback, the source noted.<\/p>\n

Also helping the EGP: We\u2019re buying fewer cars and cellphones. <\/strong>Measures put in place to curb demand for USD-intensive goods are keeping demand for the USD in check, the senior banker said. Some also expect the Madbouly government\u2019s drive to bolster local manufacturing will start to pay off toward the end of the year, further curbing demand for imports and starting to push up export receipts. <\/p>\n

Capital Economics doesn\u2019t see a thumb on the scale:<\/strong> The EGP\u2019s rise to its highest level since October last year \u201cmay raise some alarm, given previous heavy management of the currency. But we are less concerned,\u201d Capital Economics\u2019 Jason Tuvey wrote in a research note seen by EnterpriseAM. This is because the USD has already weakened against most major currencies, meaning that the EGP has actually remained fairly stable since the start of the year. \u201cThe real effective exchange rate has appreciated, but it remains close to the lows recorded over the past decade,\u201d the research note read.<\/p>\n

The trend began <\/strong>last week<\/a><\/strong>, driven by substantial USD-denominated inflow, two sources in the banking sector told us at the time. These inflows coincided with the beginning of the new fiscal year, a decline in debt obligations, and rising tax revenues. Moreover, sources also noted that easing geopolitical tension and attractive interest rates spurred unprecedented foreign inflows into short and medium-term debt instruments.<\/p>\n

The EGP rebound points to a preemptive move from foreign investors in treasury bills <\/strong>an<\/strong>d bonds<\/strong>, as they see how Egypt is committed to having its upcoming review of its USD 8 bn IMF loan program completed, Al Ahly Pharos\u2019 Hany Genena previously told us. \u201cThey [foreign investors] are preemptively banking on a potential interest rate cut by the CBE during its upcoming meeting in August. A combined fifth and sixth review of our IMF loan program is expected to conclude<\/a> in September or October, unlocking a USD 2.5 bn tranche.<\/p>\n","protected":false},"excerpt":{"rendered":"

Strong inflows and a higher supply of USD liquidity are driving up the EGP recovery<\/p>\n","protected":false},"author":1,"featured_media":669086,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12144],"tags":[1419,6637,72,1666],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-669085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-egp-watch","tag-egp","tag-egp-watch","tag-enterpriseam","tag-exchange-rate","wpautop","entry"],"acf":{"mongo_id":"1a0fbec6-d0aa-459f-ba41-a35b9496e6f6","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/7\/1700.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EGP strengthens further against the USD, reaches highest level since October","related_issue":[669080],"teaser":"Strong inflows and a higher supply of USD liquidity are driving up the EGP recovery","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.b55ee418-7ce6-4bc8-87b5-12f63cc68bb1.mp3"},"yoast_head":"\nEGP hits nine-month high against the USD - 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The greenback was changing hands at EGP 15.67 yesterday. The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/144.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":669490,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/04\/egp-inches-up-again-against-the-greenback\/","url_meta":{"origin":669085,"position":2},"title":"EGP inches up again against the greenback","author":"enterpriseam admin","date":"4 August 2025","format":false,"excerpt":"Every sustained EGP 1 decrease in the EGP-USD exchange rate could reduce our external debt by as much as EGP 94 bn annually","rel":"","context":"In "EGP Watch"","block_context":{"text":"EGP Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/egp-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/2\/2375.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600399,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/29\/why-did-the-egp-gain-against-the-greenback-yesterday\/","url_meta":{"origin":669085,"position":3},"title":"Why did the EGP gain against the greenback yesterday?","author":"enterpriseam admin","date":"29 January 2019","format":false,"excerpt":"Connecting the dots: The EGP keeps strengthening, yields keep falling: The EGP continued rising against the USD this week, strengthening to a selling price of 17.70 to the USD from around EGP 18.00 last Wednesday. Simultaneously, yields on Egyptian three- and nine-months T-bills fell at Sunday\u2019s auction to their lowest\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/18.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598549,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/28\/egypt-could-lower-discounted-customs-exchange-rate-to-egp-15-on-1-june\/","url_meta":{"origin":669085,"position":4},"title":"Egypt could lower discounted customs exchange rate to EGP 15 on 1 June","author":"enterpriseam admin","date":"28 May 2019","format":false,"excerpt":"The government could slash the discounted customs exchange rate to EGP 15 from EGP 16 from 1 June on the back of the recent strengthening of the EGP against the greenback, an anonymous official told Youm7. The EGP hit fresh two-year highs against the greenback last week, breaking the EGP\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598426,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/egp-hits-fresh-two-year-highs\/","url_meta":{"origin":669085,"position":5},"title":"EGP hits fresh two-year highs","author":"enterpriseam admin","date":"26 May 2019","format":false,"excerpt":"EGP hits fresh two-year high, breaking the EGP 17 \/ USD 1 barrier: The EGP rose to a new two-year high against the greenback on Thursday, advancing to 16.9317 from 17.0500 on Wednesday, central bank data shows. The EGP has risen 5.7% against the USD since the beginning of the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/5\/763.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/669085","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=669085"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/669085\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/669080"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/669086"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=669085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=669085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=669085"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=669085"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=669085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}