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Egypt's Pound Hits a Record 56 per Dollar Before Its IMF Program Ends

Egypt's Pound Hits a Record 56 per Dollar Before Its IMF Program Ends

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概要
 On Oct. 26, Egypt's pound passed 56 to the US dollar for the first time, three days before the central bank's first rate increase since March 2024. Since 2016 Egypt has floated or devalued its currency five times, drawn an IMF loan raised to $8 billion and signed Gulf coastal deals worth $35 billion and $29.7 billion. This episode explains how the reset worked, what the Iran war did to it, and what to watch before the IMF program ends on Dec. 15. What we coverThe pound hit a record low beyond 56 per dollar at the central bank on Oct. 26, 2026, against about 8.8 before the November 2016 float (LSEG; Arab Reform Initiative).On March 6, 2024, the central bank floated the pound and raised rates 6 points to 27.25%; the pound fell from about 30.9 to near 50 and the IMF raised its loan from $3 billion to $8 billion. Abu Dhabi's ADQ had agreed a $35 billion Ras El Hekma deal weeks earlier (BNN Bloomberg; ADQ).Remittances reached a record $47.3 billion in FY2025/26, up from $36.5 billion, and net international reserves hit a record $57.5 billion at the end of October 2026 (Central Bank of Egypt).After the Iran war began on Feb. 28, 2026, foreign holdings of Egyptian T-bills and bonds fell about $11 billion in March, to $27.1 billion. On Oct. 29 the central bank raised its deposit rate to 20% and its lending rate to 21% (Ministry of Finance; CBE).Urban inflation eased to 12.7% in October 2026, down from 38% in September 2023. The IMF's final review, worth about $2.3 billion, is targeted for board approval by mid-December (CAPMAS; The National). Chapters(0:00) Cold open(0:25) Five resets(0:47) The squeeze(0:59) The reset(1:41) The cushion(2:07) The war shock(2:36) The response(3:16) What to watch(3:53) The bottom line Data and policy tracker: six.blackexecutivebrief.comWatch the video edition on YouTube: The Black Executive Journal. Have news to share? Distribute your press release on the BEJ Newswire: www.blackexecutivebrief.com/bej-newswire-press-release SourcesReuters: Egypt's pound hits record low of 56 per dollarMiddle East Observer: Pound hits record low as debt selling deepensZawia3: CBE raises rates in first hike since March 2024Zawia3: What the Iran war revealed about Egypt's economyArab Reform Initiative: Egypt's currency historyAl-Ahram Weekly: Past devaluationsBNN Bloomberg: Egypt lifts IMF loan to $8 billionADQ: $35 billion investment in EgyptEgyptian Streets: Egypt, Qatar ink $29.7 billion dealXinhua: Remittances hit record $47.3 blnRio Times: Reserves hit record $57.5 billionArab News: Urban inflation eases to 12.7%Daily News Egypt: Urban inflation 38% in September 2023IMF: Seventh EFF review for EgyptThe National: IMF's December target for Egypt's last reviewAmwal Al Ghad: Pound at 54.11/54.20, Nov. 9The Six: AU regional data and policy tracker The Six is a Black Executive Journal series explaining the forces shaping the African Union's five regions and its Sixth Region, the global diaspora.
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