Dollar to Egyptian pound rate tops 56: what happened

Around midday in Cairo on Monday the dollar rose again at Egyptian banks. Mubasher and Youm7 report that the National Bank of Egypt quoted 55.94 to buy and 56.04 to sell, 17 piastres more than a day earlier. CIB quoted 55.93 and 56.03. That is a new record low for the pound at banks.

The number 56 depends on the bank. Banque Misr sold at 55.94, up 7 piastres from the day before, so still under 56. The Central Bank of Egypt, according to Youm7, bought dollars at 55.75 and sold at 55.89. On the bank's own site the average market rate for Sunday, 25 October, was 55.7762 to buy and 55.8762 to sell.

Why is this happening? Asharq Bloomberg says the pound fell about 7% in October. Bankers point to fast exits by foreign investors from treasury bills: net outflows of about $2.1 billion last week, based on Egyptian Exchange data. Interbank dollar trading rose about 62% in a week, to $3.12 billion, from $1.93 billion the week before.

The import bill adds pressure. Last fiscal year Egypt's trade deficit was about $65 billion. Imports passed $100 billion, and about $25 billion of that was petroleum products, up 28% year on year. Analysts link the demand for foreign currency to tensions in the region and higher global energy prices.

There is also support. Remittances from Egyptians abroad rose 29.6% in fiscal 2025/26, to $47.3 billion. One banker says that above 56 the pound could fall further, depending on how sharp regional tensions are. By his estimate, foreign investors have not yet reached a mass exit from the stock market. That is his view, not our forecast.

We covered the earlier level here: https://freekonomist.com/en/news/egypt-pound-record-low-55-2026-10/. The dollar against a basket of major currencies is tracked by the DXY index: https://freekonomist.com/en/stocks/dxy/. See also our crowd page: https://freekonomist.com/en/crowd/.

Confirmed facts

• On Monday, 26 October 2026, around midday the US dollar rose above 56 Egyptian pounds at some banks in Egypt.^[2][3]
• At the National Bank of Egypt the dollar was 55.94 to buy and 56.04 to sell, 17 piastres more than the day before.^[2][3]
• At CIB the rate was 55.93 to buy and 56.03 to sell; at Banque Misr 55.84 and 55.94, up 7 piastres.^[2][3]
• The Central Bank of Egypt bought dollars at 55.75 and sold at 55.89 on Monday.^[2]
• The CBE average market rate for 25 October 2026 was 55.7762 to buy and 55.8762 to sell.^[1]
• The pound fell about 7% in October; on Sunday, 25 October, state banks quoted 55.77 to buy and 55.87 to sell, a record low at the time.^[4]
• Foreign investors pulled about $2.1 billion net out of Egyptian treasury bills in a week, based on Egyptian Exchange data.^[4]
• Interbank dollar trading rose about 62% in a week, to $3.12 billion, from $1.93 billion the week before.^[4]
• Last fiscal year Egypt's trade deficit was about $65 billion, imports passed $100 billion and petroleum imports were about $25 billion, up 28%.^[4]
• Remittances from Egyptians abroad were about $47.3 billion in fiscal 2025/26, up 29.6% from $36.5 billion a year earlier.^[4]
• Analysts quoted by Asharq Bloomberg link demand for foreign currency to regional tensions, higher global energy prices and the import bill.^[4]
• Banker Mohamed Abdel Aal says that above 56 the pound could fall further, depending on how sharp regional tensions are; by his estimate foreign investors have not yet reached a mass exit from the stock market.^[4]

Implications

• ConfirmedThe pound set a new record low against the dollar at Egyptian banks.
• ConfirmedThe rate depends on the bank, so 'above 56' is not true for every bank or for the central bank rate.
• Our readingImports cost more in pounds, which can push prices up.

Still unknown

• Whether foreign investors keep pulling money out of treasury bills.
• Where the official CBE rate goes next: the pages we opened carry no CBE comment on this move.
• How fast and how much the weaker pound reaches shop prices.

Who it affects

Egypt, Middle East. People who send money to or from Egypt, travel there or follow emerging market currencies

Sources

1. Central Bank of Egypt: Exchange Rates (average market rate, 25 Oct 2026) October 25, 2026 · official
2. Youm7: سعر الدولار يكسر حاجز الـ56 جنيها خلال منتصف تعاملات اليوم الإثنين October 26, 2026 · media
3. Mubasher: سعر الدولار يواصل ارتفاعه مقابل الجنيه المصري في البنوك.. يتخطى حاجز 56 جنيهاً October 26, 2026 · media
4. Asharq Bloomberg: لماذا تراجع الجنيه المصري إلى مستوى تاريخي أمام الدولار؟ October 25, 2026 · media