The Saudi riyal saw slight fluctuations against the Egyptian pound in early trading on Wednesday morning at Egyptian public and private banks. The riyal's exchange rate is of great interest to the Egyptian public due to its direct link to remittances from millions of Egyptians working in Saudi Arabia, as well as its impact on the costs of Hajj and Umrah pilgrimages and trade between the two countries.
The economic context of the relationship between the riyal and the pound
The relationship between the Egyptian and Saudi economies is strategic and deep-rooted, with Saudi Arabia hosting the largest Egyptian expatriate community. Consequently, remittances from Egyptians working in Saudi Arabia constitute a primary source of hard currency for Egypt, making the stability of the Saudi riyal's exchange rate against the Egyptian pound vital for supporting Egypt's balance of payments and ensuring dollar liquidity. The Egyptian currency has undergone significant fluctuations in recent years, including several devaluations, which has increased the importance of remittances in riyals, as they now carry a larger value in Egyptian pounds, thus bolstering the purchasing power of families working in Egypt.
The importance of the riyal's exchange rate and its expected impact
The impact of the riyal's exchange rate extends beyond the macroeconomic sphere to encompass significant social and religious aspects. Millions of Muslims in Egypt aspire to perform Hajj and Umrah annually, and the cost of these religious journeys—including airfare, accommodation, and transportation—is directly linked to the riyal's exchange rate. Any increase in the riyal's value translates into a greater financial burden for pilgrims. On the trade front, Saudi Arabia is a major trading partner for Egypt, and the exchange rate affects the cost of Egyptian imports from the Kingdom as well as the competitiveness of Egyptian exports in the Saudi market.
List of Saudi Riyal exchange rates in Egyptian banks today, Wednesday
The price of the Egyptian riyal at the Central Bank of Egypt
The price of the riyal at the Central Bank of Egypt was recorded at 12.48 Egyptian pounds for buying and 12.51 Egyptian pounds for selling.
The price of the Saudi Riyal at the National Bank of Egypt
The price of the riyal at the National Bank of Egypt is 12.44 Egyptian pounds for buying and 12.52 Egyptian pounds for selling.
Riyal exchange rate at Bank of Egypt
The price of the riyal at Banque Misr reached 12.45 Egyptian pounds for buying and 12.52 Egyptian pounds for selling.
Riyal exchange rate at Alexandria Bank
The price of the riyal at Alexandria Bank was recorded at 12.48 Egyptian pounds for buying and 12.52 Egyptian pounds for selling.
The price of the riyal at the Commercial International Bank (CIB)
The price of the riyal at the Commercial International Bank was recorded at 12.47 Egyptian pounds for buying and 12.52 Egyptian pounds for selling.
Riyal exchange rate at Suez Canal Bank
The price of the riyal at the Suez Canal Bank reached 12.44 Egyptian pounds for buying and 12.53 Egyptian pounds for selling.
Riyal exchange rate at Faisal Islamic Bank
The price of the riyal at Faisal Islamic Bank reached 12.45 Egyptian pounds for buying and 12.51 Egyptian pounds for selling.
Riyal exchange rate at Abu Dhabi Islamic Bank
The price of the riyal at Abu Dhabi Islamic Bank was recorded at 12.49 Egyptian pounds for buying and 12.52 Egyptian pounds for selling.
