The US dollar saw a notable rise in Egypt during Monday's trading, crossing the 51-pound level again, amid continued hot money outflows from Egyptian debt instruments, renewed geopolitical tensions, and the dollar's strength against major currencies.

Data monitored by Al Arabiya Business showed the highest dollar exchange rate was at Abu Dhabi Islamic Bank, Suez Canal Bank, and Credit Agricole at 51.42 pounds for buying and 51.52 pounds for selling. Emirates NBD recorded the lowest rate at 50.40 pounds for buying and 50.50 pounds for selling.

Divergent Exchange Rates in Egyptian Banks

The monitoring indicated that the dollar rate at Banque Misr was 51.32 pounds for buying and 51.42 pounds for selling, while at Commercial International Bank, Al Baraka Bank, and "Next" it stood at 51.30 pounds for buying and 51.40 pounds for selling. The National Bank of Egypt recorded 51.16 pounds for buying and 51.26 pounds for selling, and the Central Bank of Egypt set the rate at 51.06 pounds for buying and 51.20 pounds for selling.

Hot Money Outflows and Their Market Impact

Data from the Egyptian Exchange added that Arab and foreign transactions in the secondary market for government debt recorded net selling of $1.46 billion last week, contributing to pressure on the Egyptian pound. The market had seen net buying of $8.76 billion in June and $11.66 billion in the second quarter of 2026, before the recent return of outflows.

Improvement in Foreign Reserves and Remittances from Egyptians Abroad

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

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

It is worth noting that remittances from Egyptians abroad recorded a record inflow of about $41.5 billion in 2025, an increase of 40.5% over 2024.

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