The Saudi riyal remained remarkably stable against the Egyptian pound at the start of trading today, maintaining its levels in both public and private banks, amid anticipation from traders and importers. This stability is within the normal range of the Egyptian foreign exchange market, with the average exchange rate at the Central Bank of Egypt today recording 12.46 Egyptian pounds for buying and 12.53 Egyptian pounds for selling.
Details of Saudi Riyal exchange rates in Egyptian banks
According to the latest trading screens in Egyptian banks, the Saudi Riyal exchange rates are as follows:
- National Bank of Egypt: The price of the riyal was recorded at 12.46 Egyptian pounds for buying and 12.53 Egyptian pounds for selling.
- Bank of Egypt: The price matched that of the National Bank, recording 12.46 pounds for buying and 12.53 pounds for selling.
- Bank of Alexandria: Recorded a price of 12.49 pounds for buying and 12.54 pounds for selling.
- Commercial International Bank (CIB): The price was 12.48 Egyptian pounds for buying and 12.53 Egyptian pounds for selling.
- Abu Dhabi Commercial Bank: Recorded 12.19 pounds for buying, and 12.53 pounds for selling.
- Al Baraka Bank: Recorded 12.44 pounds for buying, and 12.53 pounds for selling.
- Suez Canal Bank: Recorded 12.46 pounds for buying, and 12.54 pounds for selling.
Compared to yesterday's trading
Comparing current prices with yesterday's trading, we observe very slight movements tending towards stability. Yesterday, the average price at the Central Bank was 12.50 for buying and 12.54 for selling, indicating a very slight decrease in today's official buying price. Meanwhile, prices at major banks such as the National Bank of Egypt and Banque Misr remained stable at the same levels (12.46 for buying and 12.53 for selling), reflecting the availability of liquidity and a balance between supply and demand within the banking sector.
The importance of the Saudi Riyal in the Egyptian economy
The price of the Saudi Riyal is of paramount importance in the Egyptian street and the local economy for several fundamental reasons that go beyond it simply being a foreign currency:
1. Remittances from Egyptians abroad
Saudi Arabia is the largest market for Egyptian workers abroad. Consequently, remittances from Egyptians working in the Kingdom, in Saudi Riyals, constitute a vital source of foreign currency reserves for Egypt. A stable exchange rate encourages workers to channel their savings through legitimate channels and official banks, thus strengthening the Egyptian pound.
2. Hajj and Umrah seasons
The demand for the Saudi riyal is seasonally linked to Hajj and Umrah pilgrimages. As these religious seasons approach, the natural demand for the riyal increases as pilgrims seek to cover their expenses in the holy sites. The availability of the riyal at stable exchange rates in banks makes it easier for citizens to arrange their travel without resorting to the parallel market.
3. Trade exchange
Saudi Arabia is a strategic trading partner for Egypt. The stable exchange rate facilitates import and export operations between the two countries, and allows companies to plan financially without fear of sudden currency fluctuations, thus boosting trade volume and joint investments.
In conclusion, the stability of the Saudi Riyal price today at a level of 12.53 Egyptian pounds for selling reflects the success of monetary policies in controlling the exchange market and providing hard currency to meet the needs of citizens and investors alike.
