USD / EGP - US Dollar / Egyptian Pound

USD to EGP Exchange Rate History: Tracing Egypt’s Currency Journey Against the Dollar

The USD to EGP exchange rate has reflected Egypt’s shifting economic foundations, political transitions, and monetary reforms. As a key emerging market currency, the Egyptian pound (EGP) has witnessed significant volatility against the U.S. dollar over the decades, shaped by IMF interventions, structural reforms, currency devaluations, and inflationary cycles. Understanding this exchange rate is essential for investors, importers, exporters, and economists monitoring MENA region dynamics.

1970s–1980s: Fixed Exchange and Controlled Economy

In the 1970s, Egypt maintained a fixed exchange rate system under heavy state control. During this period, 1 USD was roughly equivalent to 0.40 EGP, making the Egyptian pound stronger than the U.S. dollar. However, Egypt’s socialist-oriented economic model, rising external debt, and trade imbalances pressured the pound’s long-term viability.

By the 1980s, Egypt’s fiscal position weakened due to high subsidy costs and growing debt burdens. Despite resisting devaluation for much of the decade, a dual exchange rate system was introduced in the late 1980s. Black market rates diverged from the official rate, signaling underlying currency instability.

1990s: Structural Reforms and Gradual Depreciation

In the early 1990s, Egypt entered into an economic reform program backed by the IMF and World Bank. The pound was gradually depreciated under a managed float regime. The USD/EGP rate moved from about 0.60 in the early 1990s to approximately 3.40 by the end of the decade.

This depreciation was aimed at restoring competitiveness, narrowing current account deficits, and reducing parallel market pressures. Liberalization of the exchange rate helped bring down inflation, although the pound remained under central bank management.

2000s: From Stability to Floatation Trials

In the early 2000s, Egypt attempted to float the pound, but due to market resistance and insufficient FX reserves, the currency remained under significant pressure. The USD/EGP rate shifted from 3.40 in 2000 to 5.75 by 2003.

By mid-decade, economic reforms, privatization efforts, and capital inflows supported relative exchange rate stability. From 2004 to 2010, the USD/EGP pair remained largely range-bound between 5.50 and 5.85.

2010s: Revolution, Instability, and Major Devaluation

The Arab Spring of 2011 and subsequent political upheaval severely disrupted Egypt’s economy. Declining tourism, FDI, and FX reserves led to mounting pressure on the pound. Between 2011 and 2016, the Egyptian government maintained tight capital controls to delay further depreciation, but it became unsustainable.

In November 2016, Egypt floated its currency as part of a landmark IMF reform package. The pound devalued sharply, with the USD/EGP rate jumping from 8.80 to over 18.00 almost overnight. Inflation spiked, but the move restored investor confidence, increased FX inflows, and narrowed the parallel market gap.

By 2018–2019, stabilization efforts brought the exchange rate to around 16.00 per USD, amid tighter monetary policy and gradual GDP recovery.

2020–2024: Pandemic Strain and Devaluation Cycles

The COVID-19 pandemic disrupted Egypt’s tourism and Suez Canal revenues, both key FX sources. Though the pound held relatively steady at 15.75–16.00 through 2020–2021, global inflation, rising food import costs, and capital outflows reignited pressure.

In March 2022, Egypt devalued the EGP again, taking USD/EGP to around 18.50. Another major devaluation occurred in October 2022, pushing the rate to 24.50. By January 2023, the pound had fallen further to 30.00.

As of April 2025, the USD/EGP rate stands around 49.00 following yet another IMF-assisted realignment and persistent inflation. Currency liberalization, coupled with subsidy reforms and privatization pledges, aim to restore macroeconomic stability.

✅ Key:

🟢 = Egyptian pound appreciated vs USD
❌ = Egyptian pound depreciated vs USD
⚠️ = Minimal change / Range-bound

📊 USD to EGP Exchange Rate by Decade