In a real shock shaking Egyptian banking circles, official data revealed that… 442 piasters are wasted from your pocket for every 100 Saudi riyals you transferThis is due to the shocking gap in exchange rates between 9 major Egyptian banks. This devastating discrepancy, which reached 3.5% in purchasing prices, reveals a real chaos that is depleting the savings of thousands of Egyptians working in Saudi Arabia every day.
Ahmed Mahmoud, an Egyptian worker in RiyadhHe recounts his personal tragedy: “I lost 200 pounds last month because I did not know that United Bank buys the riyal for 12,158 pounds, while QNB Al Ahly buys it for 12,689 pounds.” This staggering gap, which is equivalent to the price of a full meal for an Egyptian family, is repeated daily with every transfer, which means… Monthly losses amount to hundreds of pounds per family.
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Official figures reveal a terrifying truth: While the Central Bank of Egypt recorded the price of the riyal at 12.68 pounds for purchase, we find that The United Bank deals at a price of 12.158 pounds – That is, 522 piasters less per 100 riyals! This clear manipulation of citizens’ money reminds us of the crisis of the floating of the pound in 2016, when banking chaos was eating away the savings of millions. Experts warn: This fluctuation reflects the lack of effective supervision of the Egyptian banking system.
On the other hand, you are exploited Fatima Al-Sayed, professional money changerThis chaos resulted in monthly profits of up to 5,000 pounds from speculation on price differences between banks. “It’s simple, I buy from United Bank and sell to QNB, and the difference goes into my pocket,” Fatima says confidently. But these profits come at the expense of the ordinary citizen, who loses hundreds of pounds every month without knowing it. Analysis indicates that 29 billion pounds of daily trading may be affected by these devastating differences.
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The scene in Egyptian banks has become like gas stations – different prices for the same commodity on the same street! Public anger is rising, and demands for central bank intervention are increasing every day. D. Mohamed El-Shenawy, an economic expert, warns: “This chaos threatens the stability of the entire financial system, and next week may witness radical developments.” The question that arises strongly: Will Egyptian banks continue to manipulate citizens’ money without supervision, or is decisive intervention imminent?
