Arab Finance: The USD strengthened against the USD on Monday, June 29th, at the Egyptian banks.
The exchange rate hit EGP 49.25 for buying and EGP 49.35 for selling at the National Bank of Egypt (NBE), Banque Misr, and the Commercial International Bank (CIB).
In its latest report, Goldman Sachs has estimated the fair value of the Egyptian pound at around EGP 43 per US dollar, expecting it to continue strengthening to EGP 46 per USD over the next 12 months.
The positive outlook was attributed to easing geopolitical tensions in the region, as the US-Iran ceasefire agreement helped stabilize conditions in the Gulf and restore trade flows through the Strait of Hormuz.