The exchange rate of the Saudi riyal against the Egyptian pound saw slight fluctuations at the start of trading this morning, Wednesday, in Egyptian public and private banks. The riyal's exchange rate is of great importance to a wide segment of the population, given its direct link to remittances from millions of Egyptians working in Saudi Arabia, as well as its impact on the costs of Hajj and Umrah pilgrimages.
The economic context and the importance of the exchange rate
These exchange rate fluctuations come amid the Central Bank of Egypt's policy of liberalizing the exchange rate, which aims to regulate the market and eliminate the parallel market, making the official bank rate the primary reference for transactions. The economic relationship between Egypt and Saudi Arabia is strategic and deeply rooted in history. Saudi Arabia is the largest market for Egyptian labor abroad, making remittances from Egyptians working there a crucial source of foreign currency for Egypt and a significant support for the balance of payments. Any change in the riyal's value directly impacts the purchasing power of these remittances when they reach Egyptian households.
Local and regional impact
Domestically, the stability of the riyal against the pound positively impacts the plans of Umrah and Hajj pilgrims, allowing them to estimate costs more accurately. It also facilitates trade between the two countries, as Saudi Arabia is a major trading partner for Egypt. Regionally, the stable exchange rate between the two largest economies in the region reflects overall economic stability and encourages increased Saudi investment in Egypt, which spans vital sectors such as real estate, industry, and agriculture.
Saudi Riyal exchange rates in major Egyptian banks today, Wednesday
The exchange rates for the Saudi Riyal in the Egyptian banking network are as follows:
- The Central Bank of Egypt: The buying price was recorded at 12.52 Egyptian pounds, and the selling price at 12.56 Egyptian pounds.
- National Bank of Egypt: The buying price was recorded at 12.48 Egyptian pounds, and the selling price at 12.55 Egyptian pounds.
- Bank of Egypt: The buying price was recorded at 12.48 Egyptian pounds, and the selling price at 12.55 Egyptian pounds.
- Bank of Alexandria: The buying price was recorded at 12.51 Egyptian pounds, and the selling price at 12.55 Egyptian pounds.
- Commercial International Bank (CIB): The buying price was recorded at 12.50 Egyptian pounds, and the selling price at 12.55 Egyptian pounds.
- Suez Canal Bank: The buying price was recorded at 12.48 Egyptian pounds, and the selling price at 12.56 Egyptian pounds.
- Faisal Islamic Bank: The purchase price was recorded at 12.47 pounds, and the selling price at 12.55 pounds.
- Abu Dhabi Islamic Bank: The buying price was recorded at 12.53 pounds, and the selling price at 12.56 pounds.
- National Bank of Kuwait: The buying price was recorded at 12.38 Egyptian pounds, and the selling price at 12.66 Egyptian pounds.
- Qatar National Bank (QNB): The buying price was recorded at 12.44 Egyptian pounds, and the selling price at 12.55 Egyptian pounds.
These prices are expected to continue to move slightly throughout the day based on supply and demand mechanisms in the banking market, with the central bank continuing to monitor to ensure market stability.
