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Egypt’s Pound Becomes World’s Top Currency as Oil Shock Reverses

Egypt’s Pound Becomes World’s Top Currency as Oil Shock Reverses
Bloomberg Markets Wednesday 17 June 2026, 12:25 UTC By Kerim Karakaya 1 min read
Key Points

Currencies Egypt’s Pound Becomes World’s Top Currency as Oil Shock Reverses Egypt’s pound has become the world’s best-performing currency after oil prices dropped sharply on a US-Iran agreement to reopen the Strait of Hormuz, a move expected to restore supply flows and ease inflation concerns. The Egyptian currency has risen about 4% against the dollar since Friday, outperforming all global peers. It strengthened past 50 per dollar for the first time since March 3 on Wednesday and is up more...

Currencies Egypt’s Pound Becomes World’s Top Currency as Oil Shock Reverses Egypt’s pound has become the world’s best-performing currency after oil prices dropped sharply on a US-Iran agreement to reopen the Strait of Hormuz, a move expected to restore supply flows and ease inflation concerns. The Egyptian currency has risen about 4% against the dollar since Friday, outperforming all global peers. It strengthened past 50 per dollar for the first time since March 3 on Wednesday and is up more than 7% since early May, also the best currency performance worldwide over that period.
Egypt (LOCATION) US (LOCATION) Iran (LOCATION) the Strait of Hormuz (LOCATION) Egyptian (ORG)
Originally published by Bloomberg Markets Read original →

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