850 Egyptian Pounds! That’s how much you could gain or lose on a single currency exchange after the Saudi Riyal experienced a significant surge against the Egyptian Pound, with discrepancies between banks reaching record levels of 85 piasters per transaction.
Exchange rates for the Saudi Riyal have risen noticeably across the network of Egyptian banks compared to yesterday’s trading, with a stark contrast in prices offered. The National Bank of Egypt led the price increases, offering a purchase rate of 13.84 Egyptian Pounds and a selling rate of 13.90 Egyptian Pounds, even as the Central Bank, as the official reference, posted a lower rate of 13.34 Egyptian Pounds for purchases, and 13.38 Egyptian Pounds for sales.
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Conversely, Abu Dhabi Commercial Bank emerged as the most affordable option, with a purchase rate of 13.02 Egyptian Pounds and a selling rate of 13.37 Egyptian Pounds, representing a full 82 piasters savings per Riyal compared to the National Bank of Egypt.
Other banks posted the following rates:
- Bank Misr: 13.83 Egyptian Pounds purchase, 13.90 Egyptian Pounds sale
- Alexandria Bank: 13.87 Egyptian Pounds purchase, 13.90 Egyptian Pounds sale
- Commercial International Bank: 13.85 Egyptian Pounds purchase, 13.90 Egyptian Pounds sale
- Al Baraka Bank: 13.68 Egyptian Pounds purchase, 13.78 Egyptian Pounds sale
- Bank of Suez: 13.70 Egyptian Pounds purchase, 13.78 Egyptian Pounds sale
Compared to yesterday’s trading, most banks saw increases ranging from 50 to 60 piasters. The National Bank of Egypt, for example, offered 13.30 Egyptian Pounds for purchases yesterday versus 13.84 Egyptian Pounds today.
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These movements follow a day of relative stability due to the banks’ weekly holiday, suggesting accumulated buying pressure drove prices sharply higher at the start of trading.
