Without a doubt, the Saudi riyal is among the most widely traded currencies in the world. This does not come out of nowhere, as it is directly linked to global oil prices. As we know, the Kingdom of Saudi Arabia is one of the largest oil producers and exporters in the world, which gives its currency a heavy weight in the economic arena. There is no doubt that there is a noticeable difference in the price of the Saudi riyal between different banks. These figures mentioned above do not only reflect the currency exchange rate, but also the strategy and future expectations of each bank.
But, have you ever wondered what factors make a certain bank offer a better rate than others? It may depend on his stock of currencies, his strategy in attracting clients, or even his expectations about future market movements.
Best offers is it all in all
When looking at prices, it can be easy to get carried away by a higher or lower number. But, is this the only factor that needs to be taken into consideration? of course not! There are other factors such as service fees, quality of service provided, and speed of procedures. So, before making a decision about converting or exchanging currencies, the whole picture should be considered.
The impact of the oil price on fluctuations in the price of the Saudi riyal
First, we begin by recalling the basis that makes the Saudi riyal among the most traded currencies in the world: the price of oil. As we know, the Saudi economy is highly dependent on oil, and this makes the value of its currency fluctuate according to fluctuations in oil prices in the global market.
Prices of the Saudi riyal in Egyptian banks:
Arab International Bank: Buying price: 8.226 Selling price: 8.253 QNB ALAHLI: Buying price: 8.225 Selling price: 8.253 Egyptian Central Bank: Buying price: 8.225 Selling price: 8.223 National Bank of Egypt: Buying price: 8.226 Selling price: 8.195 Suez Canal Bank: Buying price: 8.257 Selling price: 8.193 Commercial International Bank (CIB): Buying price: 8.185 Selling price: 8.253 National Bank of Kuwait (NBK): Buying price: 8.173 Selling price: 8.264 Egyptian Gulf Bank: Buying price: 8.172 Selling price: 8.253 Al Baraka Bank: Buying price: 8.035 Selling price: 8.252 The Egyptian Arab Land Bank: Buying price: 8.013 Selling price: 8.258
The price of the riyal in banks
Everyone strives to get the best value for their money. And when we talk about banks, we can notice a certain stability in the price of the riyal. Currently, the price of the Saudi riyal in Egyptian banks is 8.253 pounds for sale and 8.24 pounds for purchase. Of course, some may ask: Which banks offer the best rate? And here comes the surprise! It is the National Bank of Greece that offers the best purchase price at 4.211 Egyptian pounds.
The price of the Saudi riyal against the Egyptian pound on the black market reached 11 Egyptian pounds. However, it is worth noting that currency rates on the black market are highly and rapidly fluctuating.
2023-08-12 12:39:19
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