The currency reflects the strength of the country’s economy and the confidence of investors in it. Recently, we noticed a noticeable movement in the prices of the Saudi riyal in the Egyptian market, so let’s take a look at these details.
Black market fluctuations hit the Saudi riyal
Despite the stability of the Saudi riyal in the past period thanks to the measures of the Central Bank, the black market witnessed an upward movement in the past days. It is likely that this increase is due to the increase in demand for the riyal by dealers wishing to buy quantities of gold from outside Egypt. Where specialized websites reported that the price of the riyal reached 10.25 pounds for purchase and 10.50 pounds for sale.
Banks face the black market with fixed rates
When we look at the prices of the Saudi riyal in banks, we find that things are a little different. Banks always try to offer reasonable rates to customers to reduce black market dealings. The prices recorded in the different banks are as follows:
National Bank of Egypt: It amounted to 8.19 pounds for purchase and 8.22 pounds for sale. Bank of Alexandria: Record 8.20 pounds for purchase and 8.25 pounds for sale. Egyptian Central Bank: It was set at 8.22 pounds for purchase and 8.24 pounds for sale.
The rest of the banks offer similar prices ranging between 8.18 and 8.25 Egyptian pounds.
While rates in banks reflect relative stability, the black market remains an added factor to the currency fluctuation equation. It is the smart and quick reaction to these changes by citizens and financial institutions that will determine how these fluctuations will affect the local economy. As the popular saying goes: “every day is new.” Financial matters change quickly, and it is necessary to keep track of them.
2023-08-17 19:28:51
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