The Saudi riyal saw a notable stability today, trending slightly downward against the Egyptian pound in early morning trading at Egyptian banks, compared to yesterday's closing rates. This movement is part of the supply and demand dynamics currently governing the Egyptian foreign exchange market, amid close monitoring of Arab and foreign currency exchange rates by investors and citizens.
Saudi Riyal exchange rate at the Central Bank and government banks
The Saudi riyal was trading 12.49 Egyptian pounds for buying and 12.52 Egyptian pounds for selling the Central Bank of Egypt , the main exchange rate authority at 12.45 Egyptian pounds for buying and 12.52 Egyptian pounds for selling at both the National Bank of Egypt and Banque Misr , reflecting the availability of Saudi currency to meet customer demand.
Riyal exchange rates in private banks
Among private banks, Commercial International Bank (CIB) a buying price of EGP 12.47 and a selling price of EGP 12.52. At Bank of Alexandria , the price was EGP 12.48 for buying and EGP 12.53 for selling. Abu Dhabi Commercial Bank a buying price of EGP 12.19 and a selling price of EGP 12.54. At Al Baraka Bank , the Saudi Riyal was priced at EGP 12.42 for buying and EGP 12.52 for selling, while at Suez Canal Bank, EGP 12.45 for buying and EGP 12.53 for selling.
Compared to yesterday's transactions
Comparing current prices with yesterday's trading , we note a slight decline, as the average price of the riyal at the Central Bank yesterday was 12.53 for buying and 12.57 for selling, indicating a relative improvement in the value of the Egyptian pound against the Saudi currency during the past hours.
The importance of exchange rate stability and its economic impact
The Saudi riyal holds immense importance in Egypt due to the strong economic ties between Egypt and Saudi Arabia. It is the most sought-after currency by Egyptians for travel purposes, particularly for Hajj and Umrah pilgrimages, and is also the primary currency for remittances from Egyptians working in the Kingdom, which represent a vital source of foreign currency for Egypt.
The current stability in exchange rates reflects the success of recent monetary policies aimed at eliminating the parallel market and unifying the exchange rate, which enhances investor confidence and contributes to stabilizing the prices of imported goods. Egyptian banks are currently operating with flexible mechanisms to ensure the availability of foreign currency for importers and individuals, thus contributing to a more balanced banking system.
