It is not unusual in the business and financial world to see daily fluctuations in currency rates. Today, we notice a significant increase in the value of the Saudi riyal against the Egyptian pound. This increase is not expected, especially in light of the large difference between exchange rates in banks and the parallel market.
Currently, the Saudi riyal is witnessing an increase in the parallel market in Egypt, reaching 10.76 pounds, while it is settling at 8.25 pounds in the Central Bank of Egypt. As if this were not enough, there is a slight discrepancy between banks, as the highest price of the riyal in Abu Dhabi Islamic Bank is 8.26 pounds, while the lowest price is recorded in the National Bank of Egypt and Banque Misr at 8.20 pounds.
With regard to the rest of the banks, we find that the price of the Saudi riyal records similar rates, ranging between 8.14 and 8.26 pounds.
The situation in exchange companies
As for when looking at exchange companies, we find that the Saudi riyal is in line with the average prices in banks. It ranges between 8.20 and 8.26 pounds. However, it is worth noting that Hariri, head of the Coordinating Council of Exchange Companies, indicated a noticeable decrease in the demand for currency exchange with the beginning of January, and this is despite the fact that this time of the year usually witnesses an increase in demand, thanks to tourism activity.
Financial institution Buying price Selling price Parallel market 10.76 pounds – Central Bank of Egypt 8.25 pounds – Abu Dhabi Islamic Bank 8.24 pounds 8.26 pounds National Bank of Egypt and Banque Misr 8.20 pounds 8.23 pounds National Bank of Kuwait 8.23 pounds 8.26 pounds Arab International Bank 8.22 pounds 8.25 pounds Bank Faisal Islamic 8.20 pounds 8.26 pounds Qatar National Bank Al-Ahly 8.14 pounds 8.26 pounds Egyptian Export Development Bank 8.17 pounds 8.26 pounds Exchange companies 8.20 pounds 8.26 pounds
2023-08-30 11:54:31
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