USD/EGP Exchange Rate History
A decade of US Dollar–Egyptian Pound movements, with the events that drove them.
The last decade in USD/EGP
USD/EGP has experienced one of the most dramatic emerging-market depreciation stories of the modern era. Over 2016–2026, USD/EGP moved from 8.88 (pre-November-2016 devaluation) to 50+ (post-March-2024 devaluation) — meaning EGP lost 82% of value against USD in 8 years. The Egyptian pound has been devalued three times under IMF programs (2016, 2022, 2024) as the Central Bank of Egypt (CBE) progressively moved from fixed pegs toward managed floating.
Long-term trend
Repeated devaluation cycles driven by chronic dollar shortages, IMF program conditions, and unsustainable fixed-rate policies. EGP has had to be devalued every 3-4 years on average over the past decade — each devaluation closes the gap between the official and parallel/black-market rates that builds up between devaluations. The pattern: CBE holds an unsustainable fixed rate; parallel market diverges; dollar shortages emerge; IMF program forces devaluation; cycle repeats.
Key events
First major devaluation under IMF program
CBE devalued EGP by 48% overnight as part of an IMF $12B Extended Fund Facility. USD/EGP moved from 8.88 to 13.00+ in one day. The devaluation ended chronic dollar shortages and unlocked Gulf-state financing.
USD/EGP jumped from 8.88 to 13.00 on November 3, 2016 — 46% EGP devaluation.
COVID stress reverses 2016-2020 stability
After the 2016 devaluation, USD/EGP had stabilized in the 15-16 range for several years. COVID-era capital outflows began renewed dollar shortages that would eventually require another devaluation.
USD/EGP rose modestly from 15.7 to 15.9 in March 2020.
Second devaluation as global stress hits
CBE devalued EGP by 17% as Russia-Ukraine war pushed up wheat prices (Egypt is the world's largest wheat importer), tourism shrank, and remittances slowed. The devaluation was part of a new IMF program negotiation.
USD/EGP jumped from 15.7 to 18.3 on March 21, 2022.
Third stepwise devaluation
CBE allowed further EGP depreciation toward 25 per USD as IMF negotiations continued. The parallel market continued trading at significantly higher levels (35-40 EGP per USD).
USD/EGP rose from 19.5 to 24.7 in late October 2022.
Major devaluation — parallel market closed
CBE devalued EGP 40%+ overnight as part of an $8B IMF program. USD/EGP moved from 30.85 to over 50 in days. The reform closed the chronic gap between official and parallel rates, ended dollar shortages, and unlocked Gulf-state ($35B+ from UAE) financing.
USD/EGP jumped from 30.85 to 50.50 on March 6, 2024 — among the largest single-day EM devaluations of the modern era.
Post-devaluation stabilization
CBE held USD/EGP in a 48-52 range through 2025 as foreign tourism boomed (Egypt 40% cheaper for visitors), Suez Canal revenues recovered, and IMF program disbursements continued. Inflation peaked at 35% in 2024 then began falling.
USD/EGP held 48-52 range through 2025.
Practical takeaway
For foreign tourists, the March 2024 devaluation has made Egypt one of the cheapest major tourist destinations in the world — $300-500/day for luxury travel that would cost $1,000+ in other countries. For Egyptian-diaspora remittances, the post-devaluation stability has actually been favorable — official rates now align with what was previously the parallel market rate. For Egyptian residents and businesses, the cycle of devaluations has been deeply painful, with imported goods (everything from medicines to electronics) repeatedly surging in EGP terms.
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Frequently asked questions
Why does Egypt keep devaluing the pound?
Egypt's economic structure produces chronic dollar shortages: persistent current-account deficits (Egypt imports oil, wheat, capital goods), declining Suez Canal revenue during global trade slowdowns, fragile tourism revenue (sensitive to security and Middle East tensions), and limited foreign reserves. When the CBE holds an unsustainable fixed rate, parallel markets diverge, and eventually IMF programs force devaluation. The 2016, 2022, and 2024 devaluations all followed this pattern.
What was the March 2024 EGP devaluation?
On March 6, 2024, the Central Bank of Egypt let USD/EGP rise from 30.85 to over 50 in a single trading session — a 40%+ EGP devaluation. The move was part of an $8B IMF Extended Fund Facility program. The devaluation closed the gap between the official rate and the parallel market (where USD had been trading at 50-55 EGP), unlocked $35B+ in UAE investment, and ended chronic dollar shortages at Egyptian banks. Short-term consequences: inflation peaked at 35%+ in mid-2024; long-term: Egypt has become one of the cheapest tourist destinations globally.
Is the Egyptian pound stable now?
More stable than at any time since 2022. Post-March-2024 devaluation, USD/EGP has held a 48-52 range with reduced parallel-market divergence. Inflation has fallen from 35%+ to ~15% in 2025. However, history suggests Egypt remains at risk of another devaluation cycle if dollar inflows weaken (tourism collapse, Suez disruption) or fiscal conditions deteriorate. The IMF program continues with quarterly review milestones through 2027.
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