Egypt's stock market witnessed significant losses, with a 10 billion EGP decline by the end of the week's trading. Meanwhile, the dollar saw a notable surge, rising by around 10 piasters against the Egyptian pound. This fluctuation occurred amidst ongoing monitoring by citizens and investors of the currency's movements within the banking sector.
As of the latest update, the dollar's exchange rate in the Central Bank of Egypt stood at 52.32 EGP for buying and 52.46 EGP for selling. Similar rates were observed in major banks, including Bank Misr, the National Bank of Egypt, Qatar National Bank, and Crédit Agricole, with rates ranging from 52.34 to 52.44 EGP for buying and selling.
The Egyptian pound's exchange rate against the dollar has been experiencing continuous movements within the banking sector. This is influenced by several key factors, including the supply of foreign currency, foreign cash inflows, foreign investment flows, remittances from Egyptians abroad, tourism revenues, and Suez Canal revenues, in addition to developments in foreign trade and importers' dollar needs.
In the automotive sector, BMW announced the prices of its new BMW 520i Executive model in the Egyptian market for October, starting at 3 million EGP. This new version comes equipped with a 1.6-liter turbocharged engine producing 190 horsepower and a maximum torque of 310 Newton-meters. The vehicle features an 8-speed automatic transmission and can accelerate from 0 to 100 km/h in 7.9 seconds, reaching a top speed of 230 km/h.
The interior of the BMW 520i Executive boasts advanced features, including a BMW Curved Display with a 14.9-inch touchscreen for controlling various functions and a 12.3-inch instrument cluster display. The vehicle also includes sports front seats with electric adjustment, leather upholstery, a two-zone automatic air conditioning system, and a wireless mobile phone charging system.
Gold prices in Egypt experienced a decline on Wednesday, with the price of 21-karat gold – the most widely traded – dropping by around 20 EGP to reach 6120 EGP per gram. The price of 24-karat gold, considered the purest form, stood at 7000 EGP per gram. In global markets, investment bank Morgan Stanley raised its 2027 gold price forecast to 5050 dollars per ounce, citing strong demand and the metal's safe-haven appeal.
Morgan Stanley's forecast reflects expectations of a gradual increase in gold prices throughout 2027, with predicted averages of 4850 dollars per ounce in the first quarter, rising to 5250 dollars in the fourth quarter. The bank identified interest rates and the dollar's value as key challenges for gold prices, but emphasized the metal's resilience and its position as a preferred commodity.
Key points
- Egypt's stock market lost 10 billion EGP by the end of the week's trading.
- The dollar's exchange rate surged, rising by around 10 piasters against the Egyptian pound.
- Gold prices dropped, with 21-karat gold reaching 6120 EGP per gram.
