The exchange rate of the Saudi riyal against the Egyptian pound fluctuated at the start of trading on Monday in Egyptian public and private banks. Interest in this rate is not limited to investors and traders in the currency markets; it extends to millions of Egyptian families who rely on remittances from their relatives working in Saudi Arabia, in addition to being a vital indicator for those planning to perform Hajj and Umrah pilgrimages.
The economic context of the relationship between the riyal and the pound
Historically, the two currencies are linked by deep economic and social ties between Egypt and Saudi Arabia. Saudi Arabia is the primary destination for Egyptian workers abroad, with the Egyptian community there numbering in the millions. Consequently, remittances from Egyptians working in the Kingdom represent one of Egypt's most important sources of foreign currency, making the riyal's exchange rate a direct impact on Egypt's balance of payments and the purchasing power of thousands of families. Any change in this rate, whether upward or downward, is immediately reflected in the value of the remittances reaching beneficiaries in Egypt.
Factors affecting the Saudi Riyal exchange rate
The Saudi riyal's exchange rate against the Egyptian pound is primarily influenced by the US dollar exchange rate. The Saudi Central Bank (SAMA) maintains a fixed exchange rate of 3.75 riyals to the dollar. Consequently, the riyal's exchange rate against the pound directly reflects the dollar's exchange rate against the pound in the Egyptian market. However, since the Central Bank of Egypt adopted a flexible exchange rate policy in March 2024, foreign currency exchange rates, including the riyal, have become subject to supply and demand mechanisms, explaining the daily price variations between different banks.
Price impact on citizens and the Hajj season
Domestically, the exchange rate of the Saudi riyal is particularly significant during specific religious seasons, most notably the Hajj and Umrah pilgrimages throughout the year. Since travel, accommodation, and service costs in the holy sites are paid in Saudi riyals, a rise in its value against the Egyptian pound means an increased financial burden on Egyptian pilgrims. The exchange rate also affects Egyptian importers who bring goods and products from the Saudi market, impacting the final import costs and, consequently, the prices of goods for the local consumer. Below, we review the latest exchange rate updates at several banks.
Riyal exchange rate at the Central Bank
The price of the riyal was recorded today, Monday, at the Central Bank of Egypt, at 12.46 Egyptian pounds for buying and 12.49 Egyptian pounds for selling.
The price of the Saudi Riyal at the National Bank of Egypt
The price of the Saudi Riyal at the National Bank of Egypt, today, Monday, is 12.42 Egyptian pounds for buying and 12.49 Egyptian pounds for selling.
Riyal exchange rate at Bank of Egypt
The price of the riyal reached 12.42 Egyptian pounds for buying and 12.49 Egyptian pounds for selling at Banque Misr on Monday.
Riyal exchange rate at Alexandria Bank
The price of the riyal was recorded today, Monday, at the Bank of Alexandria, at 12.44 Egyptian pounds for buying and 12.48 Egyptian pounds for selling.
Riyal exchange rate at Suez Canal Bank
The price of the riyal at the Suez Canal Bank today, Monday, was 12.41 Egyptian pounds for buying and 12.49 Egyptian pounds for selling.
Riyal exchange rate at Commercial International Bank
The price of the riyal at the Commercial International Bank, today, Monday, was 12.44 Egyptian pounds for buying and 12.49 Egyptian pounds for selling.
Riyal exchange rate at Faisal Islamic Bank
The price of the riyal, today, Monday, at Faisal Islamic Bank, reached 12.41 Egyptian pounds for buying and 12.48 Egyptian pounds for selling.
Riyal exchange rate at Abu Dhabi Islamic Bank
The price of the riyal was recorded today, Monday, at Abu Dhabi Islamic Bank, at 12.47 Egyptian pounds for buying and 12.50 Egyptian pounds for selling.
Riyal exchange rate at the National Bank of Kuwait
The price of the riyal at the National Bank of Kuwait, today, Monday, was 12.32 Egyptian pounds for buying and 12.60 Egyptian pounds for selling.
Riyal exchange rate at Cairo Bank
The price of the riyal at Cairo Bank, today, Monday, was 12.42 Egyptian pounds for buying and 12.49 Egyptian pounds for selling.
