US dollar jumps by 60 piasters in Egyptian banks

The US dollar exchange rate against the Egyptian pound rose by approximately 60 piasters during Monday’s trading sessions in banks operating within the local market, reaching levels between LE 54.26-54.45 for buying, according to the announced exchange rates:

• During evening trading, the US dollar was quoted at LE 54.45 for buying and LE 54.55 for selling at the National Bank of Egypt.
• At Abu Dhabi Islamic Bank, Al Ahli Bank of Kuwait, and Bank of Alexandria, the rate reached LE 54.40 for buying and LE 54.50 for selling.
• At Suez Canal Bank, the dollar was at LE 54.37 for buying and LE 54.47 for selling, while at the Arab African International Bank, it stood at LE 54.36 for buying and LE 54.46 for selling.
• At Banque Misr, the dollar was priced at approximately LE 54.32 for buying and LE 54.42 for selling, and at Al Baraka Bank, it reached LE 54.30 for buying and LE 54.40 for selling.
• At Faisal Islamic Bank, the dollar was at LE 54.29 for buying and LE 54.39 for selling, while at the Egyptian Gulf Bank, it reached LE 54.26 for buying and LE 54.36 for selling.

The head of the Internal Trade Committee at the Importers Division of the General Federation of Chambers of Commerce, Matta Beshay, said that the rise in the dollar’s value against the Egyptian pound directly impacts the cost of importing goods from abroad.

Should the exchange rate continue to rise and its effect filter through to import costs, Beshay anticipates that the prices of certain imported goods could rise by approximately 10 percent in the near future..

Beshay added that the impact of a rising dollar varies from one commodity to another, depending on the nature of the product, its country of origin, shipping and transport costs, and the volume of inventory held by importers and merchants.

He further noted that an increase in the value of foreign currency places a greater financial burden on importers—particularly regarding the procurement of the currency needed to pay for imported shipments—which may gradually be reflected in the retail prices paid by consumers, depending on the timing of contracts, imports, and inventory turnover.