{"id":686734,"date":"2026-03-08T00:00:00","date_gmt":"2026-03-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=686734"},"modified":"2026-03-08T12:54:35","modified_gmt":"2026-03-08T12:54:35","slug":"egp-slides-to-record-low-of-52-against-the-usd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/03\/08\/egp-slides-to-record-low-of-52-against-the-usd\/","title":{"rendered":"EGP slides to record low of 52 against the USD"},"content":{"rendered":"

Good afternoon, friends. <\/strong>We hope you had a restful weekend, as it looks like we\u2019re in for another packed week in the press. In today\u2019s issue, we take a look at Apple\u2019s new budget-friendly line-up, explore how rising electricity prices are making smart appliances popular, and take a look at a promising Ramadan comedy. <\/p>\n

So, when do we eat?<\/strong> Maghrib prayers are at 5:59pm in the capital, and you\u2019ll have until 4:46am tomorrow to hydrate and caffeinate ahead of fajr.<\/p>\n

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THE BIG STORY TODAY-<\/p>\n

\ud83d\udccd The<\/strong> EGP slid to a record low of EGP 52 against the USD in Sunday\u2019s midday trading<\/strong>, as a fresh wave of hot money outflows and a global oil spike to USD 117 per barrel put Egypt\u2019s reform program to the ultimate test. Banking sources tell us the situation remains within \u201csafe limits,\u201d noting that exiting investors are absorbing exchange rate losses of around 7% due to the currency\u2019s flexibility, although the EGP could weaken toward EGP 54 by the end of the week if geopolitical tensions persist.<\/p>\n

At the banks: <\/strong>The greenback was trading at EGP 52.08 (buy) and EGP 52.18 (sell) at the National Bank of Egypt (NBE). Private sector lenders, including ADIB Egypt, saw rates climb as high as EGP 52.25 (sell) by midday.<\/p>\n

The fiscal fallout is already being felt, with officials studying potential temporary adjustments to fuel prices<\/strong> to preserve the government\u2019s path toward full cost recovery, while also weighing a \u201ctemporary\u201d 10-15% increase for the highest electricity consumption brackets should the crisis drag on. Meanwhile, the Finance Ministry is conducting a final review of the upcoming budget amid mounting debt service pressures and expectations that Egypt could secure emergency support from the IMF and the World Bank.<\/p>\n

^^ We\u2019ll have more on this story in tomorrow\u2019s edition of EnterpriseAM.<\/strong><\/p>\n

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THE BIG STORY ABROAD-<\/p>\n

\ud83c\udf10 As the US-Israel-Iran war escalates, US retail gasoline and diesel prices <\/strong>soar amid restricted global fuel exports. <\/strong>Fuel surged over 10% this week as oil prices climbed. Meanwhile, shares of Saudi oil giant Aramco jumped 5% intraday on Sunday \u2014 its highest surge since 2023 \u2014 as global oil supply comes under pressure after the UAE and Kuwait cut oil production on Saturday.<\/p>\n

^^Read more on: Reuters<\/a> and Bloomberg<\/a>.<\/p>\n

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