Yara El-Janaini_ Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), revealed that average interbank dollar transactions currently stand at approximately $500 million daily, reaching up to $2 billion on certain days, after such transactions had come to a virtual standstill during the foreign currency shortage crisis.
Speaking during a panel discussion titled “Foreign Exchange Resources and Debt Management” at the Egypt 2026 Forum, Abdalla stated that the Central Bank worked on developing the infrastructure of the foreign exchange market to allow for currency pricing in accordance with market mechanisms and in a scientific manner, away from randomness.
He added that the exchange rate of the US dollar rose to around 53 EGP upon the unification of the exchange market in 2024, before declining to levels of 46 EGP, and subsequently moving again to over 55 EGP.
He pointed out that the previous decline of the US dollar drew complaints from exporters, emphasizing that the Central Bank does not target setting the exchange rate to suit the interests of a specific group, but rather strives to ensure that the foreign exchange market operates under clear mechanisms.
He stressed that evaluating the exchange rate experience must be based on overall economic indicators, including foreign reserves, dollar inflows, inflation, and the regular provision of currency, rather than relying solely on the exchange rate level alone.
