The US dollar declined across all Egyptian banks, breaking the EGP 51 barrier to close at EGP 50.81 by the end of yesterday’s trading. This drop came after the dollar had previously reached EGP 51.76 in some banks, driven by global market turmoil triggered by escalating trade tensions and the imposition of additional tariffs by the US administration.
The decline followed an easing of tensions and a return of relative stability to the markets, which reduced pressure on emerging market currencies and restored confidence in Egypt’s foreign exchange market. This improvement was also supported by increasing inflows of foreign currency into local banks.
