The price of the Saudi riyal in Egypt has stabilized once morest the pound, in limited transactions today, Saturday, December 31, 2022, in banks and ATMs.
It is scheduled to close work in banks tomorrow, Sunday, January 1, 2023, marking the end of the fiscal year, provided that they return to work the next day, as announced by the Central Bank on Wednesday.
The Egyptian Stock Exchange also announced a suspension of trading on Sunday in light of the closure of banks, according to a statement.
Egypt decided to amend some provisions of the accounting standards related to the effects of changes in foreign exchange rates on the results of the companies’ operations, by establishing optional and temporary accounting treatments to deal with the effects of the exceptional economic decision related to the movement of the exchange rate.
And according to the decision issued by Egyptian Prime Minister Dr. Mostafa Madbouly in this regard, the philosophy of one of these accounting treatments revolves around enabling companies that acquired assets in foreign currencies before the unusual exchange rate movements and still have financing obligations on this asset on October 27, 2022 to capitalize the losses of currency differences. These assets are recorded in their financial statements in Assets, in order to mitigate the impact of exchange rate differences on their annual business results and financial indicators.
The new amendments also allow the establishment’s other accounting treatment to recognize the debit and credit currency differences resulting from translating the balances of assets and liabilities of monetary nature into existing foreign currencies, even if they are not linked to a specific asset, at the end of December 31, 2022 or at the end of the closing date of the financial statements for the financial period to apply this treatment. special accounting, under other comprehensive income.
Dr. Mohamed Farid, Chairman of the Board of Directors of the Egyptian Financial Supervisory Authority, said, in a statement, that the new annex is an exceptional and temporary accounting treatment that helps companies absorb the effects of the exchange rate movement on their assets that they financed before the decision in foreign currencies, which reduces pressure on the income statement.
Egypt and Saudi Arabia
Saudi investments in Egypt are estimated at $32 billion through more than 6,800 Saudi companies, according to the Federation of Saudi Chambers of Commerce.
Saudi Arabia has pledged $10 billion in investments in sectors such as health care, education and agriculture.
Egypt currently has regarding $15 billion in medium and long-term Arab deposits in the Central Bank of Egypt, according to the latest data of the external situation report issued by the bank.
The price of the Saudi riyal once morest the Egyptian pound
The price of the Saudi riyal stabilized today in Egypt at the beginning of the Central Bank’s transactions, at the level of 6.56 pounds for purchase, and 6.59 pounds for sale, which is the same price as yesterday.
The price of the Saudi riyal today in Egyptian banks
Abu Dhabi Islamic: 6.58 pounds for purchase – 6.59 pounds for sale
Egyptian Gulf: 6.55 pounds for purchase – 6.59 pounds for sale
Al-Ahly of Kuwait: 6.57 pounds for purchase – 6.59 pounds for sale
Alexandria: 6.56 pounds for purchase – 6.59 pounds for sale
The price of the Saudi riyal once morest the pound in the National Bank of Egypt
The price of the Saudi riyal remained during morning trading at the National Bank of Egypt; Stable at 6.55 pounds for buying, 6.57 pounds for selling.
The price of the Saudi riyal once morest the pound in Banque Misr today
The price of the Saudi riyal, in the morning of Banque Misr’s trading today, maintained its level at 6.55 pounds for purchase, and 6.57 pounds for sale.
The price of the Saudi riyal today in CIB Bank
The price of the Saudi riyal remained stable in the Commercial International Bank CIB (the largest private bank in Egypt), trading at 6.55 pounds for purchase and 6.59 pounds for sale.
The price of the riyal today in Egypt in exchange companies
The average price of the riyal today in exchange companies recorded regarding 6.57 pounds for purchase, and 6.60 pounds for sale.
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