The Saudi riyal saw a notable decline against the Egyptian pound on Monday at the close of trading in the Egyptian banking sector. Trading screens in both public and private banks showed a decrease in the buying and selling prices of the Saudi currency. This movement is part of the supply and demand mechanism currently governing the Egyptian foreign exchange market, reflecting the market's response to economic changes and the availability of foreign currency.
The economic context and the importance of the riyal's exchange rate
The price of the Saudi riyal is of paramount importance to the Egyptian public, not only because it is the currency used in trade with Saudi Arabia, but also due to the large Egyptian community working in the Kingdom, making remittances from Egyptians abroad a primary source of hard currency. Furthermore, the demand for the riyal is linked to the Hajj and Umrah pilgrimage seasons, keeping it under constant scrutiny.
This variation and slight decline in prices comes as part of the stabilization of the Egyptian exchange market after the Central Bank’s decisions to liberalize the exchange rate and let market forces determine the fair value of the pound, which contributed to eliminating the parallel market and unifying the exchange rate.
Details of the Saudi Riyal exchange rate in Egyptian banks today
Below is the complete list of Saudi Riyal exchange rates against the Egyptian Pound at the close of trading on Monday, according to the latest bank updates:
The price of the Egyptian riyal at the Central Bank of Egypt
The average price of the riyal at the Central Bank of Egypt, which is the main market indicator, recorded about 12.60 Egyptian pounds for buying and 12.63 Egyptian pounds for selling .
Riyal exchange rate in major government banks
In the two largest state-owned banks in terms of assets and reach, prices were almost identical, reflecting stability in the money supply:
- National Bank of Egypt: The price of the riyal was recorded at 12.57 Egyptian pounds for buying and 12.64 Egyptian pounds for selling.
- Bank of Egypt: The exchange rate reached 12.57 Egyptian pounds for buying and 12.64 Egyptian pounds for selling.
Riyal exchange rate in private and investment banks
Private banks saw slight variations in prices, with updates as follows:
- Commercial International Bank (CIB): The riyal recorded 12.58 Egyptian pounds for buying and 12.63 Egyptian pounds for selling.
- Bank of Alexandria: The price reached 12.59 pounds for buying and 12.63 pounds for selling.
- Suez Canal Bank: Recorded 12.56 pounds for buying, and 12.65 pounds for selling.
- National Bank of Kuwait: Recorded 12.52 pounds for buying, and 12.65 pounds for selling.
- Qatar National Bank (QNB): Recorded 12.62 Egyptian pounds for buying and 12.73 Egyptian pounds for selling.
Riyal exchange rate in Islamic banks
In the Islamic banking sector, the prices were as follows:
- Faisal Islamic Bank: Recorded 12.55 pounds for buying, and 12.63 pounds for selling.
- Abu Dhabi Islamic Bank: Recorded 12.64 pounds for buying, and 12.67 pounds for selling.
This relative decline shows stability in cash flows, which is a positive indicator for importers and for citizens wishing to obtain Saudi currency for travel or Umrah purposes.
