Egyptian pound gains ground against dollar and riyal in Monday bank trading

Egyptian banks reset foreign-currency rates on Monday, with the dollar falling in three banks and holding steady in seven.

• The US dollar fell in three banks at the start of Monday trading, by one to 21 piasters, while seven banks held steady.
• The Saudi riyal declined in five banks during Monday trading, dropping 5–6 piasters on buying and selling prices.
• The riyal, Emirati dirham, and Kuwaiti dinar had held steady in morning trading after a five-piaster rise the previous day.
• After its morning decline, the dollar rose 18-20 piasters later in the day, approaching 54 EGP in Egyptian banks.
• Banking expert Mohamed Abdel Aal attributed the pressure to external obligations, a roughly $60 billion annual import bill, and a widening trade deficit.
• Abdel Aal downplayed hot-money outflows, saying the flexible exchange-rate mechanism helps absorb external shocks.
• The dollar rose 42–46 piasters in five banks on Monday, reaching 54 EGP at the Commercial International Bank for the first time in six months.