The Egyptian pound plummeted to record lows against both the U.S. Dollar and the Saudi riyal on Sunday, March 22, 2026, the third day of Eid al-Fitr, triggering widespread concern among market participants. The dramatic currency devaluation occurred as rates reached unprecedented levels in local banks.
The dollar surged to an all-time high!
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According to the latest exchange rate updates, the dollar jumped to 52.29 Egyptian pounds for purchase and 52.42 Egyptian pounds for sale at the Central Bank of Egypt, marking its highest level in the domestic market. The sudden increase caught traders off guard, prompting cautious observation.
The riyal reaches a new peak!
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The riyal similarly hit a record high against the Egyptian pound, influenced by the strengthening dollar, a development that has caused alarm among Egyptians who rely on remittances from Saudi Arabia.
Soaring rates at major banks
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The following rates were recorded at major Egyptian banks:
Bank Purchase Price Sale Price
Central Bank of Egypt 52.29 pounds 52.42 pounds
National Bank of Egypt 52.29 pounds 52.39 pounds
Bank of Egypt 52.29 pounds 52.39 pounds
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Commercial International Bank (CIB) 52.29 pounds 52.39 pounds
Alexandria Bank 52.19 pounds 52.29 pounds
Al Baraka Bank 52.25 pounds 52.35 pounds
Suez Canal Bank 52.29 pounds 52.39 pounds
Will the dollar’s climb halt?
Despite previous reports suggesting price “stability,” the latest figures reveal a surge in rates, pushing the dollar to historic highs. This has created a climate of anticipation and anxiety in Egypt, particularly given expectations of continued pressure on the local currency amid the ongoing strength of the dollar globally.
