2024-02-03 21:29:32
In conjunction with the sharp decline in the price of the dollar on the black market, the price of the Saudi riyal also fell in parallel, trading in a range of 9.5 pounds and 10 pounds, compared to 15 pounds in last week’s transactions.
The price of the Saudi riyal remained stable in Egyptian banks at the level of 8.22 pounds for purchase and 8.25 pounds for sale, according to the latest updates on screens displaying currency rates in Egyptian banks.
Informed banking sources said that the demand for the Saudi riyal is high due to the Umrah season, pointing out that banks provide the Saudi riyal to pilgrims on the condition that they have a bank account, a passport, and an airline ticket.
The sources also said that banks do not mind providing Saudi riyals to pilgrims and there is no crisis in the shortage of riyals.
In a related context, the price of the dollar on the black market continued its significant decline, falling from the level of 75 pounds in morning trading last Thursday to less than 50 pounds during today’s trading on Saturday, according to black market traders.
Speculators incurred huge losses following buying the dollar in large numbers.
The decline in the price of the dollar on the black market comes for several reasons, including the Central Bank of Egypt raising the interest rate by 2% last Thursday, as well as major security campaigns on black market whales, not to mention the International Monetary Fund’s announcement of reaching an initial agreement on the loan to Egypt.
The price of the dollar in Egyptian banks is regarding 30.85 pounds for purchase and 30.95 pounds for sale.
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