The Saudi riyal saw slight fluctuations against the Egyptian pound in today's trading at Egyptian banks, with rates showing minimal variation between public and private banks. This comes amidst significant interest from citizens and investors in monitoring exchange rates daily. This relative stability is within the framework of supply and demand mechanisms currently governing the Egyptian foreign exchange market.
Saudi Riyal exchange rate today in banks
According to the latest updates on the display screens in Egyptian banks, the exchange rates for the Saudi Riyal are as follows:
- Suez Canal Bank: The highest selling price was recorded at 12.71 Egyptian pounds, while the buying price was recorded at 12.62 Egyptian pounds.
- Commercial International Bank (CIB): Recorded a price of 12.64 Egyptian pounds for buying and 12.69 Egyptian pounds for selling.
- Bank of Alexandria: The buying price was 12.64 pounds, and the selling price was 12.68 pounds.
- Bank of Egypt: The price recorded was 12.60 Egyptian pounds for buying and 12.67 Egyptian pounds for selling.
- Al Baraka Bank: The price reached 12.58 pounds for buying and 12.67 pounds for selling.
- Abu Dhabi Commercial Bank: Recorded 12.33 pounds for buying, and 12.67 pounds for selling.
Compared to yesterday's trading
Comparing current prices with yesterday's trading, we observe a slight increase in buying and selling rates at most banks. Yesterday, the average exchange rate for the Egyptian pound at the Central Bank of Egypt was 12.62 for buying and 12.66 for selling. At the National Bank of Egypt and Banque Misr, the rate was 12.58 for buying and 12.65 for selling, indicating an increase of two to three piasters in today's trading.
The importance of the Saudi Riyal in the Egyptian economy
The Saudi riyal's exchange rate holds immense importance for Egyptians due to several fundamental economic and social factors. Firstly, Saudi Arabia hosts the largest Egyptian expatriate community, and remittances from Egyptians working there constitute a major source of hard currency, bolstering Egypt's foreign exchange reserves. Secondly, demand for the riyal is linked to the Hajj and Umrah pilgrimage seasons, with demand increasing seasonally to cover travel and accommodation expenses in the holy sites.
Economic context and exchange rate liberalization
These price movements come within the framework of the flexible exchange rate policy pursued by the Central Bank of Egypt, which aims to eliminate the parallel market and unify the exchange rate. This flexibility is considered a healthy indicator of the economy's recovery and the banking sector's ability to meet the foreign currency needs of importers and citizens. Current data confirms the stability of the banking market and the absence of significant price gaps between different banks, which strengthens confidence in the local financial system.
