The exchange rates of the pound sterling against the Egyptian pound remained stable on Saturday, ahead of the resumption of banking transactions on Sunday. The highest buying rate was recorded at 68.67 pounds in HSBC Bank, while the highest selling rate was 69.12 pounds in the same bank. These rates reflect the latest prices announced before the weekend break.
In other banks, the pound sterling was traded at 68.64 pounds for buying and 68.97 pounds for selling in Abu Dhabi Commercial Bank. In Faisal Islamic Bank, the exchange rates were 68.64 pounds for buying and 68.91 pounds for selling. Most banks, including the National Bank of Egypt, Bank of Egypt, Commercial International Bank, and Alexandria Bank, recorded steady rates of 68.36 pounds for buying and 68.71 pounds for selling.
Globally, the pound sterling hovered near its three-month low against the US dollar on Friday, after falling to 1.32 dollars on Thursday, its lowest level since June 29. However, it recovered slightly on Friday. The pound sterling is heading for a weekly loss of about 1.2%, its largest decline since May, amid pressure from the rising dollar and investors re-pricing their expectations for the US interest rate path.
Investors are also focusing on the Bank of England, which kept interest rates at 3.75% in its latest meeting but warned that persistent high energy prices due to the Middle East conflict may push British inflation to higher levels, increasing the need for interest rate hikes. The bank expects inflation to exceed 4% in early 2024, making energy prices and inflation trajectory key factors influencing monetary policy and sterling expectations.
In addition to interest rates, the British government's fiscal position and bond yields are being closely monitored by sterling investors. Government borrowing costs have risen to historically high levels in recent weeks, as the government prepares for the October budget. The British economy and financial markets are navigating a challenging environment, with potential implications for the pound sterling.
The exchange rates of the pound sterling against the Egyptian pound in various banks on Saturday were as follows: in HSBC Bank, the buying rate was 68.67 pounds and the selling rate was 69.12 pounds. In Abu Dhabi Commercial Bank, the buying rate was 68.64 pounds and the selling rate was 68.97 pounds. In Faisal Islamic Bank, the buying rate was 68.64 pounds and the selling rate was 68.91 pounds.
Other banks, including the National Bank of Egypt, Bank of Egypt, Commercial International Bank, Alexandria Bank, and several others, recorded exchange rates ranging from 68.36 pounds for buying and 68.71 pounds for selling. These rates reflect the steady trend of the pound sterling against the Egyptian pound on Saturday, ahead of the resumption of banking transactions on Sunday.
Key points
- The pound sterling exchange rates against the Egyptian pound remained stable on Saturday.
- The pound sterling is heading for a weekly loss of about 1.2% against the US dollar.
- The Bank of England expects inflation to exceed 4% in early 2024.
