2023-08-16 16:07:25
Money matters to many of us, especially when we talk regarding currency exchange. Who among us does not want to know the real value of the currency that he owns? Today, we will take you on a journey to learn regarding the details of the price of the Saudi riyal once morest the Egyptian pound within a group of famous Egyptian banks.
The reason behind the fluctuations in the price of the Saudi riyal
Before we dive into the price details, let’s dig a little deeper into understanding the reasons behind this price fluctuation. The Saudi riyal, as many know, has a strong relationship to the global oil price. And with the change in the price of oil, the Saudi riyal is directly affected.
The prices of the Saudi riyal in Egyptian banks
Currency rates differ from one bank to another, but recently the price of the Saudi riyal has stabilized in many Egyptian banks:
Abu Dhabi Islamic Bank: Purchase price: 8.245. Selling price: 8,253. Al Ahli Bank of Kuwait: Purchase price: 8,234. Selling price: 8,253. Arab International Bank: Purchase price: 8.226. Selling price: 8,253. QNB ALAHLI: Purchase price: 8.225. Selling price: 8,253. Egyptian Central Bank: Purchase price: 8.225. Selling price: 8,223. Bank of Alexandria: Purchase price: 8.212. Selling price: 8,252. Egypt Bank: Purchase price: 8.226. Selling price: 8,195. National Bank of Egypt: Purchase price: 8.226. Selling price: 8,195. Suez Canal Bank: Purchase price: 8.257. Selling price: 8,193. Commercial International Bank (CIB): Purchase price: 8.185. Selling price: 8,253. National Bank of Kuwait (NBK): Purchase price: 8.173. Selling price: 8,264. Egyptian Gulf Bank: Purchase price: 8.172. Selling price: 8,253. Al Baraka Bank: Purchase price: 8,035. Selling price: 8,252. The Egyptian Arab Land Bank: Purchase price: 8,013. Selling price: 8,258.
The list goes on… from Bank of Alexandria to Al Baraka Bank, all of which offer prices close to each other.
Benefits of knowing currency rates
Knowing currency rates daily has many benefits, including facilitating the process of buying and selling, as well as planning for travel or trade. In addition, people who want to invest or transfer money can benefit from knowing those rates.
The impact of the dollar price on the Saudi riyal
Foreign currencies have always been pegged to the dollar. Thus, any fluctuation in the strength of the dollar might significantly affect the value of the Saudi riyal and the Egyptian pound. Because of this tight bond, we might witness quick repercussions in the local market. Banks in Egypt are witnessing relative stability in the exchange rate of the Saudi riyal. Where banks offer a price of 8.253 Egyptian pounds for sale and regarding 8.24 Egyptian pounds for purchase.
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