The Saudi riyal saw a notable rise in its exchange rate against the Egyptian pound at the start of trading today in Egyptian banks, continuing the trend of price changes that began after the Central Bank of Egypt's decision to liberalize the exchange rate in March 2024. This economic indicator is of great importance to a wide segment of citizens and investors, given the close economic and social ties that bind Egypt and the Kingdom of Saudi Arabia.
Historical background and economic context
The importance of the Saudi riyal's exchange rate stems from the deep ties between the two countries. Saudi Arabia is the primary destination for Egyptian expatriate workers, with millions of Egyptians residing and working there. Remittances from these workers constitute a major source of hard currency for Egypt, meaning any fluctuation in the exchange rate directly impacts their families' income and purchasing power. Historically, the exchange rate has been relatively stable, but recent economic reforms in Egypt, most notably the flotation of the Egyptian pound, have led to the rate being fully determined by supply and demand mechanisms, reflecting the true state of the economy and the strength of both currencies.
The importance of the riyal's exchange rate and its expected impact
The impact of the riyal's exchange rate extends beyond remittances from Egyptians abroad, affecting other vital sectors. Domestically, the riyal's appreciation impacts the cost of Hajj and Umrah pilgrimages, which millions of Egyptians undertake annually, as all expenses are paid in Saudi riyals. It also affects the trade balance between the two countries. While Egyptian exporters to Saudi Arabia benefit from the riyal's strength, importers face the challenge of increased costs for goods and products from the Kingdom. Regionally, the exchange rate reflects the strength and resilience of the Saudi economy, bolstered by oil revenues and Vision 2030, in contrast to the challenges facing the Egyptian economy and its efforts to attract foreign investment.
Saudi Riyal exchange rates in major Egyptian banks today
The price of the Egyptian riyal at the Central Bank of Egypt
The exchange rate of the Saudi Riyal against the Egyptian Pound today at the Central Bank of Egypt is: 12.67 Egyptian Pounds for buying and 12.71 Egyptian Pounds for selling.
The price of the Saudi Riyal at the National Bank of Egypt
The price of the Saudi Riyal against the Egyptian Pound rose today at the National Bank of Egypt to: 12.68 Egyptian Pounds for buying, and 12.75 Egyptian Pounds for selling.
Riyal exchange rate at Bank of Egypt
The price of the Saudi Riyal against the Egyptian Pound today at Banque Misr is: 12.66 Egyptian Pounds for buying and 12.73 Egyptian Pounds for selling.
Riyal exchange rate at Alexandria Bank
The price of the Saudi Riyal against the Egyptian Pound today at Alexandria Bank is: 12.69 pounds for buying, and 12.73 pounds for selling.
The price of the riyal at the Commercial International Bank (CIB)
The price of the Saudi Riyal against the Egyptian Pound rose today at the Commercial International Bank to: 12.70 pounds for buying, and 12.75 pounds for selling.
Riyal exchange rate at Faisal Islamic Bank
The price of the Saudi Riyal against the Egyptian Pound today at Faisal Islamic Bank is: 12.67 pounds for buying and 12.75 pounds for selling.
Riyal exchange rate at Abu Dhabi Islamic Bank
The price of the Saudi Riyal against the Egyptian Pound today at Abu Dhabi Islamic Bank is: 12.72 Egyptian Pounds for buying and 12.75 Egyptian Pounds for selling.
Riyal exchange rate at the National Bank of Kuwait
The price of the Saudi Riyal against the Egyptian Pound today at the National Bank of Kuwait is: 12.55 Egyptian Pounds for buying and 12.84 Egyptian Pounds for selling.
The price of the riyal at Qatar National Bank (QNB)
The price of the Saudi Riyal against the Egyptian Pound rose today at the National Bank of Qatar to: 12.61 pounds for buying, and 12.72 pounds for selling.
Riyal exchange rate at HSBC bank
The exchange rate of the Saudi Riyal against the Egyptian Pound today at HSBC Bank is: 12.69 Egyptian Pounds for buying and 12.73 Egyptian Pounds for selling.
