The Egyptian foreign exchange markets witnessed remarkable stability in the prices of Arab and foreign currencies today. The Saudi riyal search engine results and attracted significant attention from traders, maintaining its price levels without substantial changes compared to yesterday's transactions. This stability coincides with the banks' weekend holiday, reflecting the equilibrium the Egyptian banking market has been experiencing recently.
Saudi Riyal exchange rate at the Central Bank and government banks
According to the latest data from trading screens, the average exchange rate of the Saudi riyal at the Central Bank of Egypt , which is the main indicator of market trends, was recorded at approximately 12.46 Egyptian pounds for buying and 12.50 Egyptian pounds for selling . This rate serves as a benchmark for other banks operating in the banking sector.
In the two largest state-owned banks by assets and transactions, the exchange rate remained very close; the riyal was trading at 12.43 Egyptian pounds for buying and 12.50 Egyptian pounds for selling at National and Banque Misr. This close convergence in exchange rates between state-owned banks and the Central Bank reflects the success of monetary policies in eliminating the large price discrepancies that characterized the markets in previous periods.
Exchange rates in private and investment banks
The picture was not much different in private banks, where the Commercial International Bank (CIB) , the largest private bank in Egypt, buying price of 12.45 Egyptian pounds and a selling price Bank of Alexandria recorded a buying price of 12.46 Egyptian pounds and a selling price of 12.51 Egyptian pounds.
Regarding the other banks, the prices were as follows:
- Abu Dhabi Islamic Bank: 12.15 Egyptian pounds for buying, and 12.49 Egyptian pounds for selling.
- Al Baraka Bank: 12.40 EGP for buying, and 12.49 EGP for selling.
- Suez Canal Bank: 12.42 Egyptian pounds for buying, and 12.51 Egyptian pounds for selling.
The importance of the Saudi Riyal and its economic impact
The Saudi riyal holds exceptional importance in Egypt, transcending its status as a mere foreign currency, due to the strong economic and social ties between Egypt and Saudi Arabia. The riyal is the primary currency for millions of Egyptians working in the Kingdom, whose remittances constitute a vital source of foreign currency in Egypt. Demand for the riyal also increases seasonally with the approach of Hajj and Umrah pilgrimages, making monitoring its exchange rate crucial for a wide segment of the population and religious tourism companies.
Experts point out that the stability of the exchange rate at the level of 12.50 pounds reflects the success of the banking sector in meeting the demands of importers and citizens, which contributes to the stability of prices of goods and services related to imports from the Kingdom or those affected by the cost of foreign currency in general.
