Dollar to Egyptian pound rate tops 55 for the first time: what happened

On Thursday, 22 October, the dollar rose above 55 Egyptian pounds for the first time. Ahram Online says five major banks were selling it at EGP 55.33-55.37 by the close. National Bank of Egypt bought it at EGP 55.25 and sold it at EGP 55.35, EGP 0.92 more than in the morning. Egypt Independent writes that the previous record, EGP 54.75 per dollar, was set in April.

On the eve of the conflict, on 27-28 February, the official rate was about EGP 47.72 per dollar. Since then the pound has lost about EGP 7.6 against the dollar, which Ahram Online puts at roughly 13.8%. The outlet names two reasons: the conflict itself and the resumed monetary tightening in the US.

The pound floats: the market sets its price through the supply and demand for dollars, not a central bank decision. Central Bank of Egypt governor Hassan Abdalla spoke at an economic forum the same day. "We are committed to a flexible exchange rate, and we hope society understands that these movements are normal," he said. In his view, a rate that stays fixed while conditions change would be the real cause for concern. He urged people not to give in to needless anxiety.

A flexible rate is a condition of Egypt's $8 billion IMF loan programme, which is due to end by mid-December. The IMF says a heavily managed rate in the past led to foreign currency shortages and sharp devaluations that fuelled inflation. Since December 2022 Egypt has devalued the pound four times, and in almost four years it has lost more than half its value against the dollar.

What this means in practice. Tourists with dollars get more pounds for them. For Egypt itself imports get more expensive, which can push prices up. This is our reading, not a forecast: nobody knows for sure where the rate goes next.

Confirmed facts

• On 22 October the dollar rose above 55 Egyptian pounds for the first time.^[1][2]
• National Bank of Egypt bought the dollar at EGP 55.25 and sold it at EGP 55.35, EGP 0.92 more than at the start of the day.^[1]
• Selling rates at five major banks ranged from EGP 55.33 to EGP 55.37 per dollar.^[1]
• The previous record, EGP 54.75 per dollar, was set in April.^[3]
• On 27-28 February the official rate was about EGP 47.72 per dollar.^[1]
• Since late February the pound has weakened against the dollar by about 13.8%.^[1]
• Central bank governor Hassan Abdalla said the bank is committed to a flexible exchange rate and such swings are normal.^[2][3]
• A flexible rate is a condition of the $8 billion IMF programme, which is due to end by mid-December.^[2]
• Since December 2022 Egypt has devalued the pound four times, and it has lost over 50% of its value against the dollar.^[2]

Implications

• ConfirmedA dollar now buys more pounds at Egyptian banks than ever before.
• Our readingImports get more expensive for Egypt, and prices in pounds may rise faster.
• Our readingThe central bank sticks to a flexible rate, so sharp swings may continue.

Still unknown

• Whether the pound's fall stops, and at what level.
• How the regional conflict and Fed decisions will affect the rate in the coming weeks.
• Whether Egypt gets a new IMF programme after December.

Who it affects

Egypt, Middle East. Those travelling to Egypt, holding money in pounds or following emerging market currencies

Sources

1. Ahram Online: Dollar hits record high of EGP55 at Egyptian banks at Thursday COB October 22, 2026 · media
2. Ahram Online: Egypt's CBE governor defends EGP flexibility as dollar hits record above EGP 55 October 22, 2026 · media
3. Egypt Independent: CBE Governor explains reasons for Egyptian pound's historic drop against US dollar October 23, 2026 · media