The average exchange rate of the Saudi riyal against the Egyptian pound continued to stabilize for the third day, Thursday, March 11, 2021, in banks and exchange companies.
The banking market traded on Thursday, stabilizing the average exchange rate of the Egyptian pound, against the dollar and the Uae dirham, while rising against the pound, and falling slightly against the Kuwaiti dinar.
Egypt’s economic indicators are improving despite the Corona pandemic, amid a state of stability in the exchange market with the availability of foreign exchange.
The Saudi riyal on Thursday settled on the central bank’s website for the third day in a row, at about 4.179 pounds for purchase, and about 4.206 pounds for sale.
Highest price for the rial
The rial recorded the highest purchase rate at 4.18 pounds in 3 banks, Arab International Bank, Blom Egypt and Mashreq, while the highest selling price of the rial came at 4.25 pounds in the Bank of Reconstruction and Housing.
Fitch confirms Egypt’s credit rating
Fitch Credit Rating agency confirmed Egypt’s rating at +B with a stable outlook, driven by optimism about reforms and economic growth.
Fitch said Wednesday that Egypt’s rating and outlook are supported by its recent record of economic and financial reforms.
Fitch expects Egypt to record real GDP growth of 3% by the end of the fiscal year in June 2021.
This follows growth of 3.6% in 2020 and 5.6% in 2019.
Dollar, euro and gbp prices
The average dollar price on the central bank of Egypt’s website on Thursday, at about 15.678 pounds for purchase, and 15.778 pounds for sale, the same as the average prices of the last two days.
While the average price of the European currency fell to about 18.63 pounds to buy, and 18.75 pounds for sale, compared to about 18.64 pounds for purchase, and 18.76 pounds for sale, on Wednesday.
The average price of sterling fell to 21.63 pounds for purchase, 21.75 pounds for sale, compared to 21.74 pounds for purchase, and £21.89 for sale.
Prices of dirhams and dinars
The average price of the Uae dirham, at the Central Bank of Egypt, was at about 4,268 pounds for purchase and 4,296 pounds for sale, the same as the average prices of the last two days.
While the average price of the Kuwaiti dinar increased to about 51.72 pounds for purchase, and about 52.18 pounds for sale, compared to about 51.70 pounds for purchase, and 52.17 pounds for sale, on Wednesday.
Egypt succeeds corona test
Egypt has succeeded in achieving positive figures during the difficult months of Corona, represented by the growth of the local economy and the improvement of unemployment rates in the local market.
Egyptian Planning Minister Hala al-Saeed said the Egyptian economy maintained a positive growth rate during the second quarter of the 2021-2020 fiscal year, registering a growth of 2%.
Egypt’s fiscal year runs from the beginning of July until the end of June of the following year, according to Egypt’s budget law.
Al-Saeed said during a meeting of the Egyptian Cabinet, Wednesday, that the growth rate is expected to continue to rise during the third and fourth quarter of the current fiscal year to reach about 2.8% and 5.3%, respectively.