The exchange rate between the USD and the EGP maintained its stability at the Egyptian banks on Thursday.

The US dollar exchange rate hit EGP 48.45 for buying and EGP 48.55 for selling at the National Bank of Egypt (NBE) on Monday at 2:07 PM.

JP Morgan expects an increase of $16.2 billion in Egypt’s foreign exchange (FX) reserves in the coming fiscal year (FY) 2024/2025 and $2.6 billion in FY 2025/2026.

The US-based investment bank Goldman Sachs expects an end to the foreign exchange crisis in Egypt within days or weeks at maximum following the government’s $35 billion Ras El Hekma deal with Abu Dhabi Developmental Holding (ADQ).

The Central Bank of Egypt (CBE) has cancelled the operation licenses of seven Egyptian foreign exchange companies due to the lack of capital.