The euro closed at nearly 60 Egyptian pounds (EGP) in local banks on Monday, September 21, 2026. The European currency reached a selling price of 59.88 EGP at the Egyptian Gulf Bank and a buying price of 59.65 EGP at the Abu Dhabi Islamic Bank. Prices varied slightly across banks, ranging from 59.49 to 59.65 EGP for buying and 59.68 to 59.88 EGP for selling.
Globally, the euro faces challenges due to the energy crisis in the eurozone. Natural gas prices have surged over 140% year-on-year, driven by supply disruptions and low European gas reserves. The European Central Bank warns that this could lead to higher inflation, complicating monetary policy decisions. The bank must balance the need to control inflation with the risk of economic slowdown.
The European Central Bank raised interest rates by 25 basis points to 2.5% in September, its second increase this year, in response to eurozone inflation exceeding 3%. However, officials are cautious about assuming this will lead to further rate hikes. The strong US dollar, resulting from the Federal Reserve's recent rate increase to 3.75%-4%, also pressures the euro.
In Egypt, the euro's performance is influenced by global trends. The currency's stability near 60 EGP is expected to continue, depending on energy prices, European inflation, and interest rate differentials between the European Central Bank and the Federal Reserve. The Egyptian market closely watches these factors to predict the euro's future trajectory.
The prices of the euro in various Egyptian banks on Monday were as follows: in Abu Dhabi Islamic Bank, the buying price was 59.65 EGP and the selling price was 59.83 EGP. The Egyptian Gulf Bank offered a buying price of 59.64 EGP and a selling price of 59.88 EGP. Other banks, such as the Alexandria Bank and the Suez Canal Bank, also quoted similar prices.
Additional banks, including the Arab International Bank, the Arab African International Bank, and the Abu Dhabi First Bank, listed prices ranging from 59.52 to 59.56 EGP for buying and 59.70 to 59.75 EGP for selling. The Commercial International Bank and Next Bank quoted buying prices of 59.52 EGP and 59.51 EGP, respectively, with selling prices of 59.73 EGP and 59.81 EGP.
Major banks such as the National Bank of Egypt, the Egyptian Bank, and the Industrial Development Bank set the buying price at 59.51 EGP and the selling price at 59.69 EGP. HSBC Bank and the Kuwait National Bank quoted slightly lower prices, with buying prices of 59.49 EGP and selling prices of 59.70 EGP and 59.68 EGP, respectively.
Key points
- Euro prices vary slightly across Egyptian banks due to global economic factors.
- Energy crisis and interest rate hikes impact the euro's performance.
- Egyptian market monitors global trends to predict the euro's future trajectory.
