2023-08-02 22:08:49
It is certain that the price of the Saudi riyal reflects certain effects at specific times of the year, especially during the Hajj season. The riyal reached its peak a few days ago due to the increasing demand for it for Hajj and Umrah purposes. But what is the current situation? What are the future expectations? Come take a look.
The rise and stability of the riyal in the Egyptian market
In this year’s Hajj season, we witnessed a significant rise in the price of the Saudi riyal due to the increase in demand. Today, however, we see a remarkable stability in the price of the Saudi riyal in Egypt, following the pilgrims returned to their lands.
On the black market: Today, the riyal recorded 10.80 Egyptian pounds on the black market, while it had reached 11.50 pounds in the past days. In exchange companies: The price of the riyal in exchange companies and some banks reached 8.23 Egyptian pounds. At Bank of Cairo: The riyal recorded 8.20 Egyptian pounds at Banque du Caire. In the National Bank of Egypt: The riyal recorded 8.23 pounds in the National Bank and Banque Misr.
Saudi riyal price forecast
A number of economists expected that the price of the Saudi riyal would continue to stabilize due to the end of the Hajj season. But what is interesting is that some of them expect the riyal to rise once more with the start of the Umrah season in the coming months.
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