Monthly Egyptian Currency Market Review — March 2026

March 2026 was a month of notable shifts in Egypt's foreign exchange landscape. A combination of seasonal demand, Central Bank of Egypt (CBE) policy signals, and global macro developments drove meaningful movements across all major currency pairs. In this review, we break down the key trends, highlight which banks offered the most competitive rates, and look ahead to what April may bring.

---

EGP Performance Overview

The Egyptian pound experienced a mixed month. Against the US dollar, the EGP weakened modestly in the first half of March before stabilizing following the CBE's mid-month policy announcement. Against European currencies, the pound showed relative resilience, partly due to euro-zone economic softness.

Monthly Rate Summary (Bank Average)

Currency

1 Mar Open (Buy/Sell)

31 Mar Close (Buy/Sell)

Monthly Change

USD/EGP	50.45 / 50.95	50.85 / 51.35	+0.40 (+0.8%)
EUR/EGP	54.80 / 55.40	54.60 / 55.25	-0.15 (-0.3%)

GBP/EGP	63.90 / 64.60	64.20 / 64.95	+0.35 (+0.5%)
SAR/EGP	13.42 / 13.58	13.48 / 13.64	+0.06 (+0.4%)

The dollar strengthened globally in March, driven by persistent US economic resilience and rising Treasury yields. This external pressure accounted for most of the EGP's depreciation against USD and GBP. Meanwhile, the euro's weakness on disappointing PMI data helped limit EUR/EGP gains.

---

Major Economic Events in March

CBE Holds Rates Steady (14 March)

The CBE's Monetary Policy Committee (MPC) held the overnight deposit rate at 25.00% and the lending rate at 26.00% for the third consecutive meeting. The committee cited ongoing progress in bringing inflation closer to target but noted that global uncertainties warranted a cautious approach. Markets had been split on the decision, with roughly 40% of surveyed economists expecting a 100-basis-point cut.

Market impact: The EGP initially strengthened by ~0.15% following the announcement, as the hold reinforced carry-trade attractiveness. However, gains faded within days as global dollar strength reasserted itself.

Suez Canal Revenue Improves

Mid-month reports indicated a partial recovery in Suez Canal transit volumes, with March revenues estimated at $620 million — up 12% from February. The improvement followed a de-escalation of Red Sea shipping disruptions, providing a modest boost to Egypt's foreign currency inflows.

Remittance Flows Remain Strong

The CBE's February remittance data (released in early March) showed overseas Egyptian remittances reaching $2.9 billion — the fourth consecutive month above $2.5 billion. Strong demand for EGP from the diaspora helped provide a floor for the currency.

Tourism Season Winds Down

March marked the tail end of the winter tourism peak. Hotel occupancy rates in Cairo and Luxor declined from February highs, reducing a key source of FX supply. This seasonal shift contributed to the slight widening of spreads observed later in the month.

Egypt-IMF Program Review

The IMF completed its latest review under the Extended Fund Facility on 21 March, releasing a $1.2 billion tranche. The Fund praised Egypt's commitment to exchange rate flexibility and fiscal consolidation, while recommending further efforts to reduce energy subsidies. The review outcome was widely expected and had limited immediate market impact.

---

Bank-by-Bank Rate Highlights

Not all banks moved in lockstep. Our data from 30+ Egyptian banks reveals meaningful differences in pricing throughout the month.

Best USD Buy Rates (for customers selling dollars)

Rank

Bank

Best USD Buy Rate

Date

1	National Bank of Egypt	51.05	28 Mar
2	Banque Misr	51.00	28 Mar

3	CIB	50.98	27 Mar
4	QNB Alahli	50.95	28 Mar

5

HSBC Egypt

50.92

27 Mar

Best USD Sell Rates (for customers buying dollars)

Rank

Bank

Best USD Sell Rate

Date

1	Al Baraka Bank	51.20	25 Mar
2	Abu Dhabi Islamic Bank	51.22	26 Mar

3	Faisal Islamic Bank	51.25	25 Mar
4	National Bank of Egypt	51.28	24 Mar

5

Arab African Intl Bank

51.30

26 Mar

Key takeaway: State-owned banks (NBE, Banque Misr) consistently offered among the best buy rates for customers looking to sell foreign currency, while several Islamic banks offered competitive sell rates. The gap between the best and worst sell rate on any given day was as high as EGP 0.35 — a meaningful difference on larger transactions.

You can compare current rates across all banks to find the best deal today.

---

Spread Analysis

Spreads — the gap between a bank's buy and sell price — are a key indicator of market liquidity and confidence. Tighter spreads generally indicate a more liquid, stable market.

Average USD/EGP Spreads by Week

Week

Avg Spread (EGP)

Trend

1-7 Mar	0.48	Stable
8-14 Mar	0.45	Tightening

15-21 Mar	0.42	Tightening
22-28 Mar	0.50	Widening

29-31 Mar

0.52

Widening

Spreads tightened in the first half of the month, reaching a March low of 0.42 in the week of the CBE meeting. This reflected increased market confidence following the rate-hold decision. However, spreads widened again in the final week as quarter-end demand for dollars picked up — a pattern consistent with corporate FX needs for Q1 closing.

Spread by Currency

Currency

Avg March Spread

Feb Comparison

USD/EGP	0.47	0.45 (+0.02)
EUR/EGP	0.55	0.58 (-0.03)

GBP/EGP	0.68	0.65 (+0.03)
SAR/EGP	0.16	0.15 (+0.01)

EUR spreads actually improved in March despite wider USD spreads, reflecting a normalization of euro-zone hedging costs. GBP spreads widened slightly, consistent with lower GBP transaction volumes in the Egyptian market.

---

CBE Policy in Focus

The CBE's decision to hold rates unchanged was the defining policy event of the month. Here is the broader context:

Interest Rate Timeline

Date

Decision

Deposit Rate

Lending Rate

Jan 2026	Hold	25.00%	26.00%
Feb 2026	Hold	25.00%	26.00%

Mar 2026

Hold

25.00%

26.00%

The CBE's forward guidance suggested that the easing cycle — which markets have been anticipating — may begin in Q2 2026 if inflation continues to moderate. February headline inflation came in at 12.8% year-over-year, down from the 2024 peaks above 35% but still above the CBE's 5-9% target corridor.

What this means for exchange rates: High interest rates continue to support the EGP by attracting carry-trade capital and making Egyptian treasury bills attractive to foreign investors. A rate cut — when it comes — could introduce temporary EGP weakness, though markets may have already partially priced this in.

---

Currency-by-Currency Breakdown

USD/EGP: Gradual Weakening

The dollar pair drifted higher throughout March, with the move accelerating in the final week on quarter-end corporate demand. The 50.00 level, which held as psychological support for the EGP throughout February, was breached early in March and never reclaimed. The pair ended the month trading around 51.10 mid-market.

EUR/EGP: Range-Bound

The euro pair was the most stable of the major pairs, trading in a tight 54.50-55.40 range for most of the month. Weak eurozone economic data offset the broader dollar strength, creating a push-pull dynamic that kept EUR/EGP largely flat.

GBP/EGP: Steady Climb

Sterling benefited from better-than-expected UK labor market data and hawkish Bank of England commentary. GBP/EGP rose from 64.25 to 64.58 (mid-market) over the month — a modest but steady grind higher.

SAR/EGP: Following the Dollar

As the Saudi riyal is pegged to the US dollar, SAR/EGP tracked USD/EGP movements closely. The pair moved from 13.50 to 13.56 (mid-market), a proportional shift consistent with the dollar's trajectory.

You can view the full historical charts for any currency pair on our platform.

---

What to Watch in April 2026

Looking ahead, several factors will shape EGP performance in the coming month:

CBE Meeting (17 April): The next MPC meeting will be the most closely watched in months. If March inflation data (due early April) shows continued moderation, the case for a rate cut strengthens. Consensus is currently leaning toward a 100-200 bps cut, which could trigger short-term EGP volatility.

Ramadan Effects: Ramadan begins in late March / early April 2026. Historically, this period sees increased remittance inflows as the diaspora sends money home, which could support the EGP. However, reduced business activity can also lower commercial FX demand.

US Federal Reserve: The Fed's next meeting in early May will cast a shadow over April markets. Any signals from Fed Chair Powell or FOMC minutes pointing to rate changes could move the dollar and, by extension, EGP pairs.

Q1 GDP Data: Egypt's preliminary Q1 2026 GDP growth estimate is expected in late April. Consensus forecasts point to 4.2% growth, which would be the strongest quarter since Q3 2024.

Suez Canal Revenues: Continued recovery in canal revenues would be a positive signal for FX supply, but risks remain tied to geopolitical developments in the region.

---

Methodology

This review uses data collected from 30+ Egyptian bank websites, scraped hourly by our automated monitoring system. Rates reflect cash exchange rates as published by each bank. Averages are calculated across all tracked banks for each trading day. For real-time data, visit our rate comparison page.

---

This is the first installment of our monthly Egyptian currency market review series. We plan to publish these reviews at the end of each month to help you track trends and make informed decisions. Bookmark this page and check back at the end of April for the next edition.

Last updated: 29 March 2026