The Saudi riyal exchange rate has declined in Egyptian banks
The Saudi riyal weakened against the Egyptian pound at the close of trading on Wednesday in Egyptian state-owned and commercial banks. This change reflects the ongoing dynamics in the Egyptian foreign exchange market and is of great interest to a large segment of the population, particularly Egyptians working in Saudi Arabia and their families, as well as investors and those planning to perform Hajj and Umrah pilgrimages.
The economic context of the riyal's exchange rate fluctuations against the pound
The relationship between the Saudi riyal and the Egyptian pound is based on deep economic and trade ties between the two countries. Saudi Arabia is one of Egypt's largest trading partners and a major destination for Egyptian workers abroad. Consequently, remittances from Egyptians working in the Kingdom constitute a vital source of hard currency for the Egyptian economy, making the riyal's exchange rate of strategic importance.
Technically, the Saudi riyal is pegged to the US dollar at a fixed exchange rate (approximately 3.75 riyals per dollar), meaning its fluctuations against the Egyptian pound directly reflect the pound's performance against the dollar. Since the Central Bank of Egypt's decision to float the currency, the pound has become more flexible and influenced by supply and demand mechanisms, which explains the daily changes in its value against other currencies, including the Saudi riyal.
The impact of exchange rate changes on individuals and the economy
Any change in the exchange rate of the Saudi riyal against the Egyptian pound has direct repercussions on several levels. For Egyptians working in Saudi Arabia, a decline in the value of the riyal (or the strength of the pound) means that the value of their remittances decreases when converted to Egyptian pounds, impacting their families' income in Egypt. On the other hand, travel to the Kingdom for Hajj and Umrah pilgrimages or for tourism becomes less expensive for Egyptians. In terms of trade, a weaker riyal encourages increased Egyptian imports from Saudi Arabia due to their lower cost, while Egyptian exporters may face challenges in pricing their products competitively in the Saudi market.
Saudi Riyal exchange rates in major Egyptian banks today, Wednesday
The following is a breakdown of the buying and selling prices recorded at the end of trading today in a number of major Egyptian banks:
Riyal exchange rate at the Central Bank
The price of the riyal today, Wednesday, at the Central Bank of Egypt was recorded at 12.50 Egyptian pounds for buying and 12.53 Egyptian pounds for selling.
The price of the Saudi Riyal at the National Bank of Egypt
The price of the riyal was traded at the National Bank of Egypt today, Wednesday, at 12.46 Egyptian pounds for buying and 12.53 Egyptian pounds for selling.
Riyal exchange rate at Bank of Egypt
The price of the riyal today, Wednesday, at Banque Misr was 12.46 Egyptian pounds for buying and 12.53 Egyptian pounds for selling.
Riyal exchange rate at Alexandria Bank
The price of the riyal today, Wednesday, at the Bank of Alexandria was recorded at 12.49 Egyptian pounds for buying and 12.53 Egyptian pounds for selling.
Riyal exchange rate at Suez Canal Bank
The price of the riyal at the Suez Canal Bank today, Wednesday, reached 12.46 Egyptian pounds for buying and 12.54 Egyptian pounds for selling.
The price of the riyal at the Commercial International Bank (CIB)
The price of the riyal at the Commercial International Bank today, Wednesday, was recorded at 12.47 Egyptian pounds for buying and 12.52 Egyptian pounds for selling.
Riyal exchange rate at Faisal Islamic Bank
The price of the riyal today, Wednesday, at Faisal Islamic Bank was 12.45 Egyptian pounds for buying and 12.52 Egyptian pounds for selling.
Riyal exchange rate at Abu Dhabi Islamic Bank
The price of the riyal today, Wednesday, at Abu Dhabi Islamic Bank was recorded at 12.53 Egyptian pounds for buying and 12.55 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, Wednesday, was 12.37 Egyptian pounds for buying and 12.65 Egyptian pounds for selling.
Riyal exchange rate at Cairo Bank
The price of the riyal at Cairo Bank today, Wednesday, was recorded at 12.46 Egyptian pounds for buying and 12.53 Egyptian pounds for selling.
