{"id":686908,"date":"2026-03-09T00:00:00","date_gmt":"2026-03-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=686908"},"modified":"2026-03-09T04:30:25","modified_gmt":"2026-03-09T04:30:25","slug":"egp-hits-record-low-of-52-against-the-usd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/03\/09\/egp-hits-record-low-of-52-against-the-usd\/","title":{"rendered":"EGP hits record low of 52 against the USD"},"content":{"rendered":"<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The <\/strong><strong>EGP slid to a record low of EGP 52 against the greenback <\/strong><strong>yesterday<\/strong>, driven by a fresh wave of hot money outflows as regional tensions escalate. This comes as global oil prices surge, creating a double-sided squeeze on Egypt\u2019s fiscal targets and the sustainability of its economic reform program.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>At the banks:<\/strong> The greenback was trading at EGP 52.11-52.21 at state-owned banks and the CIB yesterday.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Behind the outflows: <\/strong>Hot money \u201cis inherently sensitive to any political or economic variables [\u2026] Once investors feel anxious, they move to liquidate EGP assets and convert to USD,\u201d former banker Maged Fahmy tells us.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>We saw USD 505 mn in total interbank volume yesterday<\/strong>, compared to USD 710 mn on Thursday. A banking source told EnterpriseAM that while Egypt has seen approximately USD 3.7 bn in portfolio outflows since the start of the conflict, the situation remains within \u201csafe limits.\u201d<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>We could see the local currency dive further: <\/strong>If geopolitical tensions continue to mount, the USD could \u201creach levels of EGP 54 by the end of this week,\u201d according to the source.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>It was more than just hot money outflows that pushed the currency to fresh lows<\/strong>, with banking expert and EG Bank board member Mohamed Abdel Aal pointing to rising risk premiums, exchange rate flexibility, and a surge in precautionary hedging from importers.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Gold rush:<\/strong> The weakening EGP pushed investors towards gold, with prices surging and 21-karat gold hitting EGP 7.5k per gram yesterday.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The way ahead: <\/strong>Abdel Aal sees three potential paths ahead: a scenario where the EGP stabilizes if tensions cool; another where further exits drive more temporary depreciation; and a third and final \u201cgradual stability\u201d scenario if global flows eventually return.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Fahmy\u2019s prescription for the EGP: <\/strong>To break the cycle of hot money reliance, Fahmy calls for a national strategy focused on sustainable revenue \u2014 primarily exports. \u201cBuilding a strong economy requires deep structural reforms [\u2026] which will only be achieved by empowering the private sector and loosening the state's grip on economic activities,\u201d he said. He also called for a decisive approach to external debt \u2014 \u201cstop new borrowing and immediately begin negotiating with creditors to extend payment terms and restructure debt to ease current pressures.\u201d<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Oil spike threatens reform trajectory: <\/strong>Brent crude surged over the past week and surpassed the USD 100 per barrel mark today, putting the government\u2019s plan to reach cost recovery under immense pressure. Officials are looking into potential temporary adjustments to fuel prices, a government source told us, adding that the move depends on the state\u2019s capacity to absorb the shock and the expected duration of the crisis.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Could this mean a hike to electricity prices? <\/strong>While the government originally planned to keep electricity prices unchanged until the new fiscal year, the surging cost of natural gas has changed the plan, another source told us. \u201cIf the crisis persists, the government is considering a temporary hike to prices, raising them by 10-15%, but only for the highest consumption brackets,\u201d the source added.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>As things stand:<\/strong> The government is conducting a final review of the next fiscal year\u2019s draft budget to account for rising interest payments. \u201cInterest payments and debt obligations continue to constitute one of the fundamental risks facing the new budget and the completion of economic reform targets,\u201d our sources noted.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>What does this mean for our long-awaited debt strategy? <\/strong>This may require a revision of the <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/13\/finmin-to-launch-the-long-awaited-debt-strategy-this-month\/\" target=\"_blank\" rel=\"noopener\">national debt strategy<\/a>, which was finalized but is now being re-evaluated ahead of its planned 2Q launch, they added.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>We could be getting a lending hand: <\/strong>We could secure an emergency support program from the IMF and the World Bank to help cushion the fiscal impact of the crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The greenback was trading at EGP 52.11-52.21 at state-owned banks and the CIB<\/p>\n","protected":false},"author":1,"featured_media":686909,"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":[7335],"tags":[6637,72,1666,12389],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-686908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-big-story-today","tag-egp-watch","tag-enterpriseam","tag-exchange-rate","tag-the-big-story-today","wpautop","entry"],"acf":{"mongo_id":"4df919ad-ec8a-4dcd-88c4-3572a8e3c5fb","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/3\/446.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EGP hits record low against the greenback","related_issue":[686903],"teaser":"The greenback was trading at EGP 52.11-52.21 at state-owned banks and the CIB","photo_link":"","related_sponsor":"","voice_url":"","en_translation_ref_id":"","section_story_id":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The currency fell to intraday lows of 15.83 from 15.72 at the start of the session. Central bank\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":549773,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/29\/egp-closes-at-record-low-against-the-greenback\/","url_meta":{"origin":686908,"position":1},"title":"EGP closes at record low against the greenback","author":"enterpriseam admin","date":"29 September 2022","format":false,"excerpt":"EGP WATCH- The EGP is officially the cheapest it\u2019s ever been (against the USD, anyway): The EGP closed at a record low against the greenback yesterday, breaking past the December 2016 low seen in the wake of what was (at the time) an historic float. The EGP fell an additional\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/427.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569016,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/11\/egp-surges-to-new-three-year-highs-against-the-greenback\/","url_meta":{"origin":686908,"position":2},"title":"EGP surges to new three-year highs against the greenback","author":"enterpriseam admin","date":"11 February 2020","format":false,"excerpt":"CURRENCY WATCH- EGP surges to new three-year highs against the greenback: The EGP rallied yesterday to its highest value against the USD since it was floated three years ago as part of the country\u2019s IMF-backed economic reform program, Reuters reports. The greenback was changing hands at EGP 15.67 yesterday. The\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":580563,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/this-evening-egp-slips-against-the-usd-to-new-record-merry-christmas-everyone\/","url_meta":{"origin":686908,"position":3},"title":"THIS EVENING: EGP slips against the USD to new record + Merry Christmas, everyone","author":"enterpriseam admin","date":"5 January 2023","format":false,"excerpt":"Happy THURSDAY, wonderful people. We made it through the first work week of 2023 and are being rewarded with another long weekend. Merry Christmas to all of our Coptic Christmas friends and anybody else who is observing the day this weekend.PSA- EnterprisePM is taking a day off this coming Sunday,\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/607.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580642,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/this-evening-did-we-find-a-market-clearing-egp-usd-rate-why-theres-room-for-some-optimism\/","url_meta":{"origin":686908,"position":4},"title":"THIS EVENING: Did we find a market-clearing EGP-USD rate? + Why there\u2019s room for some optimism","author":"enterpriseam admin","date":"11 January 2023","format":false,"excerpt":"Good afternoon, friends, and welcome to a roller-coaster of a day. THE BIG NEWS THIS AFTERNOON- There are indications that we found this afternoon a market-clearing rate for the USD. And the magic number was \u2026 EGP 32.20 \/ USD. Today\u2019s interbank auction saw the EGP fall in steady increments\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/637.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578595,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/cbe-lets-egp-slide-as-big-two-state-owned-banks-announce-25-cds\/","url_meta":{"origin":686908,"position":5},"title":"CBE lets EGP slide as Big Two state-owned banks announce 25% CDs","author":"enterpriseam admin","date":"5 January 2023","format":false,"excerpt":"The Central Bank of Egypt made a big move on the FX front yesterday, allowing the EGP to slide against the greenback at the same time as the nation\u2019s two largest banks announced high-yield local-currency certificates of deposit. It has three goals: To convince folks with hard currency deposits in\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/86.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\/686908","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=686908"}],"version-history":[{"count":2,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/686908\/revisions"}],"predecessor-version":[{"id":686980,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/686908\/revisions\/686980"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/686903"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/686909"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=686908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=686908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=686908"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=686908"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=686908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}