The Egyptian pound imposes its control against the Saudi riyal today and a significant decline in the value of the price of the Saudi riyal in Egypt today within the banks

2023-09-10 21:49:10

Currencies are characterized by the fact that they reflect the economic situation of the country, and recently, Egypt has witnessed fluctuations in currency prices, especially the Saudi riyal. On the black market, which is considered an indicator of real demand and supply without government intervention, the Saudi riyal fell significantly. The fall of the riyal on the black market comes following a period of stability and rise, as it recently reached its highest levels of more than 10 pounds, but it has now declined to approximately 9. Pounds. This fluctuation is considered the result of several factors, including local and regional economic pressures, and perhaps political tensions or changes in transfers from Saudi Arabia to Egypt.

Compared to bank rates

On the other hand, volatility appears less severe in Egyptian banks. For example, in the Central Bank of Egypt, the price of the Saudi riyal ranges between 8.21 pounds to buy and 8.25 pounds to sell. These prices reflect official policies and regulatory measures, and are relatively stable.

Likewise, we find in local banks, such as Banque Misr and the National Bank of Egypt, that the differences between buying and selling prices are almost slight. These differences indicate that banks are trying to make profits from exchange operations, but without causing sharp fluctuations that might increase market instability.

Bank Buying Price Selling Price Central Bank of Egypt 8.21 pounds 8.25 pounds Bank of Egypt 8.19 pounds 8.22 pounds National Bank of Egypt 8.19 pounds 8.22 pounds Bank of Alexandria 8.20 pounds 8.25 pounds Bank of Cairo 8.19 pounds 8.25 pounds Abu Dhabi Islamic Bank 8.23 ​​pounds 8.25 pounds Commercial International Bank 8.18 pounds 8.25 pounds Suez Canal Bank 8.19 pounds 8.25 pounds

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