Egypt Currency Exchange Rate: USD to EGP | EGP to USD

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Egypt Currency Exchange Rate: USD to EGP | EGP to USD

Current USD to EGP Exchange Rate

As of June 19, 2024, at 13:59 UTC, the current exchange rate for converting United States Dollars (USD) to Egyptian Pounds (EGP) is 1 USD = 47.7131 EGP. This means that for every 1 US Dollar, you will receive approximately 47.71 Egyptian Pounds.

The currency code for US Dollars is USD, and its symbol is $, while the currency code for Egyptian Pounds is EGP, and its symbol is £. Some popular USD currency pairings include USD to EUR, GBP, JPY, CAD, AUD, CHF, and CNY.

USD to EGP Conversion

To convert USD to EGP, simply multiply the amount of US Dollars you have by the current exchange rate. For example, if you have 100 USD, you would calculate:

  • 100 USD × 47.7131 = 4,771.31 EGP

This means that 100 US Dollars would be equivalent to 4,771.31 Egyptian Pounds.

Mid-Market Rate for USD to EGP

The mid-market rate, also known as the interbank rate or the real exchange rate, is the rate that banks use when trading currencies with each other. The mid-market rate for USD to EGP is used for conversion purposes only and is not necessarily the rate that you would receive when exchanging currency at a bank or currency exchange provider. Inc., a leading provider of currency exchange information and services, offers live exchange rates, money transfers, currency charts, rate alerts, and API integration for businesses and individuals.

Current EGP to USD Exchange Rate

The current exchange rate for converting Egyptian Pounds (EGP) to United States Dollars (USD) is 1 EGP = 0.0209586 USD. This means that for every 1 Egyptian Pound, you will receive approximately 0.021 US Dollars.

To put it another way, 1 USD = 47.7131 EGP, as mentioned earlier.

EGP to USD Conversion

To convert EGP to USD, divide the amount of Egyptian Pounds you have by the current exchange rate. For example, if you have 1,000 EGP, you would calculate:

  • 1,000 EGP ÷ 47.7131 = 20.96 USD

This means that 1,000 Egyptian Pounds would be equivalent to 20.96 US Dollars.

Mid-Market Rate for EGP to USD

As mentioned earlier, the mid-market rate is used for conversion purposes and may not be the actual rate you receive when exchanging currency. Popular EGP currency pairings include EGP to EUR, GBP, JPY, CAD, AUD, CHF, and CNY.

Xe offers a wide range of tools and services, including money transfers, currency charts, rate alerts, currency data API, and the Xe App, which provides live rates, secure money transfers, and notifications. The company also offers language options in English, Deutsch, Español, Français, Português, 日本語, 简体中文, and العربية.

Historical USD to EGP Exchange Rates

Analyzing historical exchange rates can help you understand trends and fluctuations in the value of a currency over time. Xe provides historical data for USD to EGP exchange rates, including the high, low, and average rates for specific periods.

30-Day USD to EGP High, Low & Average

Over the last 30 days, the USD to EGP exchange rate has experienced the following:

  • High: 0.021442
  • Low: 0.020946
  • Average: 0.021115

This means that in the past 30 days, the highest rate was 1 USD = 47.742 EGP, the lowest rate was 1 USD = 46.637 EGP, and the average rate was 1 USD = 47.363 EGP.

90-Day USD to EGP High, Low & Average

Looking at a longer time frame, over the last 90 days, the USD to EGP exchange rate has seen the following:

  • High: 0.021502
  • Low: 0.020616
  • Average: 0.021059

In other words, the highest rate in the past 90 days was 1 USD = 48.507 EGP, the lowest rate was 1 USD = 46.507 EGP, and the average rate was 1 USD = 47.491 EGP.

The volatility for the USD to EGP exchange rate was 0.33% over the last 30 days and 0.40% over the last 90 days.

Factors Affecting the Egyptian Pound

Various factors can influence the exchange rate of a currency, including economic indicators, political events, and central bank policies. In the case of the Egyptian Pound, recent developments have had a significant impact on its value.

Egypt’s Central Bank Measures

In an effort to secure an $8 billion loan expansion from the International Monetary Fund (IMF), Egypt’s central bank implemented several measures, including raising interest rates by 600 basis points, slowing down infrastructure spending, and devaluing the Egyptian Pound. The IMF demanded that Egypt adopt a floating exchange rate, although doubts have been raised about the actual implementation of the free floatation.

These measures aimed to address Egypt’s foreign currency shortage, high black market exchange rates, and inflation. However, the sustainability of these reforms remains uncertain, particularly regarding the implementation of a floating exchange rate and the impact of increased interest rates on economic growth and government debt.

Foreign Investments in Egypt

To help alleviate Egypt’s economic challenges, the United Arab Emirates provided $24 billion for land development projects, while Kuwait and Saudi Arabia contributed to an $11 billion deposit that will be invested in real estate and other ventures. This influx of cash, along with the IMF loan, temporarily eased Egypt’s foreign currency shortage, boosting exports but also affecting the population’s purchasing power.

Economic Challenges Facing Egypt

Egypt faces various economic hurdles that have contributed to the gap between official and black market exchange rates. These challenges include:

  • Reduced tourism due to the conflict in Gaza and attacks on Red Sea shipping by the Houthi group
  • Decreased revenue from the Suez Canal
  • Lower remittances from Egyptians working abroad

These factors, along with the uncertainty surrounding the latest reform package, have added to Egypt’s economic woes and put pressure on the Egyptian Pound.

Xe Currency Tools & Services Inc., established in 1995, is a trusted provider of currency exchange information and services. The company offers a wide array of tools and solutions for both individuals and businesses.

Xe Website & App Features

The Xe website provides users with live exchange rates, currency charts, and rate alerts. Additionally, the Xe App, which has been downloaded over 70 million times, offers secure money transfers, live rates, and notifications. The app is available for both Android and iOS devices.

Xe also offers language options for its website and app in English, Deutsch, Español, Français, Português, 日本語, 简体中文, and العربية, making it accessible to a global audience.

Xe Business Solutions

For businesses, Xe provides a range of services, including:

  • International Business Payments: Secure and efficient cross-border payments
  • Risk Management: Tools and strategies to mitigate currency risk
  • Currency Data API Integration: Real-time exchange rate data for integration into business systems and applications

Xe also offers an Affiliate Referral Partner Program for companies that require mass payments, as well as Trustpilot Reviews for added security assurance.

In conclusion, staying informed about current and historical exchange rates, as well as the factors influencing a currency’s value, can help you make better decisions when converting between currencies. Inc. provides a comprehensive set of tools and services to help individuals and businesses navigate the complex world of currency exchange.

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