Oil, the black gold, is the backbone of the economy of many countries, especially Saudi Arabia. There is no doubt that this black liquid plays a major role in determining the value of the Saudi riyal, which is thus reflected in its value against the Egyptian pound.
The price of the Saudi riyal against the Egyptian pound
Trade exchange and economic relations between Saudi Arabia and Egypt have a weight in fluctuations in the price of the riyal against the pound. These are some of the newly registered rates in some Egyptian banks:
Abu Dhabi Islamic Bank:
Buying price: 8.245 Selling price: 8.253
Al Ahli Bank of Kuwait:
Buying price: 8.234 Selling price: 8.253
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: 8.223 Selling price: 8.225
Bank of Alexandria:
Buying price: 8.212 Selling price: 8.252
Egypt Bank:
Buying price: 8.195 Selling price: 8.226
National Bank of Egypt:
Buying price: 8.195 Selling price: 8.226
Suez Canal Bank:
Buying price: 8.193 Selling price: 8.257
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 black market: the other side of the story
Some look to the black market for attractive prices. The price of the Saudi riyal against the Egyptian pound on the black market today reached 11 Egyptian pounds. It is a price that makes a big difference compared to the prices in Egyptian banks.
Factors behind the stability of the Saudi riyal
Many factors contribute to determining the price of the Saudi riyal, most notably the price of oil in the global markets. However, there are other factors such as foreign investments, the Kingdom’s foreign reserves, and financial and economic policies.
2023-08-23 08:21:51
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