EGP Market Update
17 Jun 2026 • 00:38 GMT
The Egyptian Pound (EGP) has recently traded near its highest level in 90 days against the US dollar, reaching around 0.019954. This is about 5% above its three-month average, indicating a strengthening trend despite recent volatility. The EGP's gains are supported by Egypt’s improving economic growth outlook, with GDP expected to grow around 5.5%, and hopes for lower inflation by year-end.
However, global factors, like the ongoing rally in the US dollar driven by strong US economic data and expectations of a hawkish Federal Reserve, influence the currency landscape. The dollar remains resilient, supported by geopolitical tensions in energy routes and a cautious Fed stance, which limits the EGP's appreciation potential against the USD.
While the EGP has gained against major currencies like the euro, pound, yen, and Canadian dollar—each reaching 90-day highs—these moves reflect broader global conditions more than domestic factors alone. Egypt’s stable foreign reserves and flexible exchange rate policy provide some buffer against volatility.
In summary, the EGP continues to strengthen against the USD amid positive economic signals but retains some exposure to global dollar strength and geopolitical risks.