The Egyptian foreign exchange market witnessed remarkable stability in the prices of Arab and foreign currencies. The average price of the Saudi riyal at the Central Bank of Egypt today reached new levels, reflecting the supply and demand dynamics in the banking market. According to the latest data, the Saudi riyal was trading at approximately 12.62 Egyptian pounds for buying and 12.66 Egyptian pounds for selling at the Central Bank of Egypt, a significant indicator for traders and importers.
Details of the Saudi Riyal exchange rate in Egyptian banks
Prices vary slightly between banks operating in the Egyptian banking sector, with today's prices being as follows:
- National Bank of Egypt and Banque Misr: The price of the riyal recorded 12.58 Egyptian pounds for buying and 12.65 Egyptian pounds for selling, reflecting stability in the two largest government banks in Egypt.
- Bank of Alexandria: The buying price was recorded at 12.62 pounds, while the selling price was 12.66 pounds.
- Commercial International Bank (CIB): The price reached 12.60 Egyptian pounds for buying and 12.65 Egyptian pounds for selling.
- Abu Dhabi Commercial Bank: Recorded 12.31 pounds for buying, and 12.66 pounds for selling.
- Al Baraka Bank: Recorded 12.56 pounds for buying, and 12.65 pounds for selling.
- Suez Canal Bank: The price reached 12.57 pounds for buying and 12.66 pounds for selling.
Compared to yesterday's trading
Comparing today's prices to yesterday's trading, we observe very slight movements tending towards stability. Yesterday, the Central Bank recorded a buying rate of 12.61 and a selling rate of 12.65, meaning a slight increase of one piaster in today's trading. This relative stability reinforces investor and public confidence in the banking sector's ability to meet the market's foreign currency needs.
The importance of the Saudi Riyal in the Egyptian economy
The Saudi riyal's exchange rate holds immense importance in Egypt for several economic and social reasons. Firstly, Saudi Arabia is the primary destination for Egyptian expatriate workers, and therefore, remittances in Saudi riyals constitute a vital source of Egypt's foreign currency reserves. Secondly, demand for the riyal is linked to the Hajj and Umrah pilgrimage seasons, when demand increases seasonally to cover travel and accommodation expenses in the holy sites.
Economic context and market mechanisms
The exchange rate in Egypt is currently determined by supply and demand mechanisms, within the framework of the reform policies pursued by the Central Bank of Egypt to regulate the foreign exchange market and eliminate the parallel market. The stability of the riyal at 12.66 Egyptian pounds is evidence of the availability of dollar and other currency liquidity in banks, which facilitates import operations and financial transfers without obstacles. Markets are closely monitoring any global or regional changes that may affect oil prices or trade activity, which in turn could be reflected in currency prices in the region.
