馃嚜馃嚞EgyptNorth Africa
Egyptian pound expected to strengthen to LE 49 per dollar by June 2027, Reuters poll finds
via Egypt Today2 min read
A Reuters poll indicates the Egyptian pound is projected to strengthen to LE 49 against the U.S. dollar by the end of June 2027. The survey, conducted between July 7 and 16, also suggests broadly stable expectations for Egypt鈥檚 economic growth, with concerns over the Middle East conflict's economic impact easing. Economists forecast Egypt's economy to have grown by 4.8 percent in fiscal year 2025/26, an increase from the 4.6 percent forecast in April. Growth is expected to slow to 4.5 percent in 2026/27 before accelerating to 5.3 percent in 2027/28 and 5.5 percent in 2028/29. Official figures show the economy expanded by 5 percent in the January-March 2026 quarter. The Central Bank of Egypt projected average real GDP growth of about 5 percent for the fiscal year ending June 2026. The improved outlook for the pound, from an earlier forecast of LE 51.5 and a current rate of approximately LE 50.6 per dollar, reflects greater optimism. Dominic Bartos, an associate economist at Moody鈥檚 Analytics, noted Egypt's economy remains in an expansionary phase. The poll also highlighted improvements in economic indicators, including a 31.2 percent increase in remittances to $43.1 billion between July 2025 and May 2026, recovering tourism revenues, Suez Canal receipts, and an increase in foreign-exchange reserves to $55 billion by June 2026. The International Monetary Fund reached a staff-level agreement with Egypt in June, potentially providing an additional $1.6 billion in financing. Despi
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Egypt Today.
BreakingSpain secured the World Cup title by defeating Argentina 1-0 in extra time, with substitute Ferran Torres scoring the decisive goal in the 106th minute. The match, described as a "suffocating stalemate," saw Spain dominate possession but struggle to break through Argentina's defense. Argentina, in turn, failed to register a single shot on target throughout the entire 90 minutes of regular play. The game was largely devoid of attacking quality until Torres's entry, along with Nico Williams, injected energy into Spain's performance. Lionel Messi, Argentina's captain, was unable to inspire his team, and the match concluded with a post-game brawl as frustrations boiled over. Spain's coach, Luis de la Fuente, at 65, became the oldest World Cup-winning coach, celebrating his team's 38-match unbeaten streak across all competitions. US President Donald Trump presented the World Cup trophy to the Spanish team. Despite a lackluster final, Spain's victory marks their return to the summit of world football.
Egypt's Minister of Foreign Affairs Badr Abdelatty held a phone call with Greek Foreign Minister George Gerapetritis to discuss strengthening bilateral cooperation and regional developments. The ministers acknowledged the growing momentum in Egyptian-Greek relations and committed to deepening political and economic ties. Abdelatty highlighted Greece's support for Egypt within European Union institutions and emphasized the importance of the tripartite cooperation mechanism involving Egypt, Greece, and Cyprus. He stressed the need to expand trade, economic, and investment ties among the three nations. Abdelatty also reviewed Egypt's diplomatic efforts to de-escalate regional tensions and reiterated Cairo's support for dialogue and diplomacy to restore stability. The officials agreed to maintain close consultation and coordination to support regional de-escalation efforts.
Must ReadThe Permanent Committee for Regulating the Nile River's Flow, chaired by Minister of Water Resources and Irrigation Hani Sweilem, convened to assess the Nile's flow and Egypt's water situation during peak demand. The committee reviewed developments concerning the Grand Ethiopian Renaissance Dam GERD, labeling its operation as illegal and a violation of international law due to the absence of a binding agreement for its filling and operation. They discussed fluctuations in downstream discharge caused by the dam's unilateral operation and emphasized the need for downstream dam operators to update scenarios for efficient water management. The committee also analyzed rainfall across the Nile Basin and water inflows from the Blue Nile, White Nile, and Atbara River, noting above-average flow in June but below-average in July. They anticipate a clearer flood season assessment after early August and are monitoring climate patterns like El Ni帽o and La Ni帽a. Minister Sweilem directed continuous monitoring of hydrological and climate indicators and regular updates to forecasts to ensure optimal water resource management. He affirmed the Aswan High Dam's crucial role in Egypt's water security due to its storage capacity and operational flexibility.