The average price of the Saudi riyal against the Egyptian pound, during the trading of Wednesday, March 17, 2021, in banks and exchange companies.
The Egyptian currency stabilized, during the banking market trading, on Wednesday, against the dollar and the Uae dirham, while falling against the Euro, and rising against the pound sterling.
Stability of the Saudi riyal
The average price of the Saudi riyal at the Central Bank of Egypt, at about 4.174 pounds for purchase, and 4.201 pounds for sale.
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.
According to the “Al Ain News” survey in 23 banks, the average price of the Saudi riyal was about 4.12 pounds to buy, and 4.20 pounds for sale.
Highest price for the rial
The rial recorded the highest purchase price at EGP 4.18 at 3 banks: Mashreq, Arab International Bank and Blom Egypt, while the highest selling price for the rial was at 4.24 pounds at Al Baraka Bank.
The Saudi riyal in the National Bank of Egypt (the largest government bank) recorded 4,143 pounds for purchase and 4,196 pounds for sale.
Egyptian remittances rise abroad
Remittances from Egyptians working abroad increased by 10.5% by $2.8 billion in 2020 to $29.6 billion.
In 2019, remittances from Egyptians working abroad recorded about $26.8 billion, according to data from the Central Bank of Egypt, released Monday.
Data showed remittances in the fourth quarter of 2020 from October to December increased by $529.2 million to $7.5 billion.
Dollar, euro and gbp prices
The average dollar price at the Central Bank of Egypt on Wednesday, at about 15.65 pounds to buy, and 15.75 pounds for sale.
While the price of the euro at the Central Bank of Egypt, rose to about 18.68 pounds for purchase, and 18.80 pounds for sale, compared to about 18.67 pounds for purchase, and 18.79 pounds for sale, on Tuesday.
The average price of sterling fell to around 21.73 pounds for purchase, 21.87 pounds for sale, compared to around 21.77 pounds for purchase, and 21.92 pounds for sale.
Prices of dirhams and dinars
The average price of the Uae dirham, at the Central Bank of Egypt, was at about 4.26 pounds for purchase and 4.29 pounds for sale.
The average price of the Kuwaiti dinar at the central bank, about 51.80 pounds for purchase, and 52.26 pounds for sale, compared to about 51.83 pounds for purchase, and about 52.17 pounds for sale, yesterday.
Low inflation for the second month
For the second month in a row, Egypt kept inflation at relatively low levels, but that ratio fell short of the central bank’s targets.
In February, the annual inflation rate remained at 4.9% in egypt as a whole (RIF) according to data from the Central Authority for Public Mobilization and Statistics, published on Wednesday.
But that percentage is slightly lower than the Central Bank of Egypt’s targets, which aim to bring inflation below 7% or more than two percentage points, does the central bank seek to raise inflation?