Dollar Falls Below EGP 49 For First Time Since US-Israel War on Iran

The Egyptian pound traded below EGP 49 against the US dollar on July 5th, 2026 for the first time since the outbreak of the US-Israeli war on Iran on February 28th, 2026, strengthening across multiple banks and marking its strongest level in more than four months.

According to the Central Bank of Egypt (CBE), the pound stood at EGP 48.86 for buying and EGP 49.00 for selling on Sunday, improving by nearly EGP 0.20 from Wednesday's close and around EGP 0.43 from the previous Sunday. Across 10 banks, exchange rates fell below the EGP 49 threshold, with several lenders quoting EGP 48.85 for both buying and selling.

The latest gains extend the pound's recovery from its weakest level since the conflict began, when it fell to EGP 54.78 against the dollar on April 7th. Since then, it has strengthened by nearly EGP 5.8, although it remains around EGP 1 weaker than its pre-conflict level.

The stronger exchange rate comes as Egypt awaits approximately USD 1.64 billion in financing from the International Monetary Fund, subject to Executive Board approval, alongside a 1.5 billion euro tranche from the European Union. Markets are also watching for the Central Bank of Egypt's Monetary Policy Committee meeting on July 9th, when it is due to announce its latest interest rate decision.