The exchange rate of the Saudi riyal against the Egyptian pound witnessed a noticeable fluctuation at the start of trading in Egyptian state-owned and commercial banks on Wednesday, January 28, 2026. This daily fluctuation reflects the ongoing dynamism in the Egyptian foreign exchange market, which follows a series of structural economic reforms aimed at achieving financial stability and attracting foreign investment.
The general economic context of exchange rate movements
This fluctuation in the Saudi riyal's exchange rate comes within the broader context of the liberalization of the Egyptian pound's exchange rate, a decision made by the Central Bank of Egypt to allow the local currency's value to be determined by supply and demand. This measure, despite its immediate impact on the cost of living, is considered a pivotal step towards enhancing the resilience of the Egyptian economy and its ability to withstand external shocks, as well as eliminating the parallel foreign exchange market. Consequently, monitoring daily exchange rates, including the riyal's rate, has become a crucial indicator for both market participants and the general public.
The importance of the Saudi Riyal exchange rate to the Egyptian economy
The Saudi riyal exchange rate holds particular significance in Egypt due to the close economic and social ties between the two countries. Saudi Arabia is the largest destination for Egyptian expatriate workers, whose numbers are estimated in the millions. Remittances from these workers, made in Saudi riyals, are a major source of foreign currency for Egypt, significantly contributing to the balance of payments and bolstering foreign exchange reserves. Therefore, any fluctuation in the exchange rate directly impacts the purchasing power of Egyptian families who rely on these remittances.
On the other hand, the exchange rate of the Saudi riyal directly impacts the costs of Hajj and Umrah pilgrimages, which are essential religious journeys for millions of Egyptians annually. A stronger riyal means higher costs for travel, accommodation, and services in Saudi Arabia, placing an additional burden on pilgrims.
Saudi Riyal exchange rates in major Egyptian banks today
The following is a breakdown of the Saudi Riyal exchange rates announced by a number of major Egyptian banks today, Wednesday:
- The Central Bank of Egypt: The buying price was recorded at 12.53 Egyptian pounds, and the selling price at 12.56 Egyptian pounds.
- National Bank of Egypt: The buying price was recorded at 12.49 Egyptian pounds, and the selling price at 12.56 Egyptian pounds.
- Bank of Egypt: The buying price was 12.49 Egyptian pounds, and the selling price was 12.56 Egyptian pounds.
- Bank of Alexandria: The buying price was recorded at 12.52 pounds, and the selling price at 12.56 pounds.
- Suez Canal Bank: The buying price was 12.49 Egyptian pounds, and the selling price was 12.57 Egyptian pounds.
- Commercial International Bank (CIB): The buying price was recorded at 12.51 Egyptian pounds, and the selling price at 12.56 Egyptian pounds.
- Faisal Islamic Bank: The purchase price was 12.49 pounds, and the selling price was 12.55 pounds.
- Abu Dhabi Islamic Bank: The buying price was recorded at 12.54 pounds, and the selling price at 12.57 pounds.
- National Bank of Kuwait: The buying price was 12.40 pounds, and the selling price was 12.68 pounds.
- Cairo Bank: The buying price was recorded at 12.49 Egyptian pounds, and the selling price at 12.57 Egyptian pounds.
This slight variation between banks demonstrates the natural competition in the banking sector, where each bank seeks to attract customers by offering the best possible buying and selling prices, thus enhancing the transparency and efficiency of the exchange market in Egypt.
