The Saudi riyal's exchange rate against the Egyptian pound saw noticeable fluctuations at the start of trading on Tuesday morning in Egyptian public and private banks. This fluctuation reflects a state of relative stability in the foreign exchange market, with slight differences between buying and selling prices from one bank to another. Millions of Egyptians working in Saudi Arabia and their families, as well as investors, pilgrims, and those performing Umrah, are closely monitoring this market.
Historical background and importance of the riyal exchange rate
Monitoring the Saudi riyal exchange rate is of particular importance in Egypt due to the close economic and social ties between the two countries. Saudi Arabia hosts the largest Egyptian expatriate community, numbering in the millions. Remittances from these workers, made in Saudi riyals, are a major source of foreign currency for the Egyptian economy, contributing to the balance of payments and bolstering the Central Bank's foreign exchange reserves. Since the liberalization of the Egyptian pound's exchange rate, currency prices, including the riyal, have become subject to supply and demand mechanisms, making them more susceptible to capital and investment flows and overall economic conditions.
The economic and social impact of price changes
Any change in the exchange rate of the Saudi riyal against the Egyptian pound has both direct and indirect effects. Domestically, the rate directly impacts the purchasing power of families who rely on remittances from their relatives working in Saudi Arabia. It also plays a crucial role in determining the cost of Hajj and Umrah pilgrimages, which are essential religious observances for millions of Muslims in Egypt. Regionally, the stability of the exchange rate reflects the strength of trade relations between Egypt and Saudi Arabia, as the Kingdom is a major trading and investment partner for Egypt, and the exchange rate affects the prices of goods traded between the two countries.
List of Saudi Riyal exchange rates in Egyptian banks today, Tuesday
Below is a breakdown of the Saudi Riyal exchange rates at several major banks operating in Egypt today:
- The Central Bank of Egypt: The buying price was recorded at 12.48 Egyptian pounds, and the selling price at 12.52 Egyptian pounds.
- National Bank of Egypt: The buying price was 12.45 Egyptian pounds, and the selling price was 12.52 Egyptian pounds.
- Bank of Egypt: The buying price reached 12.45 pounds, and the selling price reached 12.52 pounds.
- Bank of Alexandria: The buying price was recorded at 12.48 pounds, and the selling price at 12.52 pounds.
- Suez Canal Bank: The buying price was 12.45 Egyptian pounds, and the selling price was 12.53 Egyptian pounds.
- Commercial International Bank (CIB): The buying price was recorded at 12.47 Egyptian pounds, and the selling price at 12.52 Egyptian pounds.
- Faisal Islamic Bank: The purchase price was 12.44 pounds, and the selling price was 12.51 pounds.
- Abu Dhabi Islamic Bank: The buying price reached 12.50 pounds, and the selling price reached 12.53 pounds.
- National Bank of Kuwait: The buying price was recorded at 12.36 Egyptian pounds, and the selling price at 12.64 Egyptian pounds.
- Cairo Bank: The buying price was 12.45 Egyptian pounds, and the selling price was 12.52 Egyptian pounds.
