Egyptian Central Bank Governor Hassan Abdalla reaffirmed the bank’s commitment to a flexible exchange-rate policy in his first comments after the Egyptian pound fell to a historic low against the U.S. dollar.
اضافة اعلان
The Egyptian pound was quoted at 55.35 pounds per dollar at the close of banking transactions, a record low. The previous record was 54.75 pounds per dollar, reached in April amid the U.S.-Iranian war.
Speaking at the “Egypt Forum 2026” during a session titled “Foreign Exchange Resources and Debt Management,” Abdalla said the exchange rate moves in response to changing conditions surrounding Egypt, describing such movements as normal under the current circumstances.
He called on the public to understand exchange-rate movements in light of the conditions surrounding Egypt, stressing that what should raise concern is a stable exchange rate despite changes in those conditions. He also urged people not to be driven by unjustified fears over currency fluctuations.
Abdalla emphasized the Egyptian banking sector’s ability to respond to rapidly changing international and regional developments.
