440 Egyptian pounds! This is what you can lose or gain in a few minutes due to the huge discrepancy in the prices of the Saudi riyal between Egyptian banks, as Thursday’s transactions revealed a shocking price gap of 0.44 pounds between the highest and lowest purchase prices across 29 banking institutions.
Despite the apparent calm that prevailed in the market, the Saudi riyal succeeded in recording an increase of 3 piasters against the Egyptian pound, drawing a disparate map of prices across the Egyptian banking sector, while purchase prices ranged between 12.26 pounds as the lowest level and 12.68 pounds as the highest value.
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Central Bank of Egypt The official standard was set at 12.67 pounds for purchase and 12.71 pounds for sale, but the practical reality showed a clear deviation from these levels across the extensive banking network.
In the forefront, a group of banks topped the scene with the highest purchase prices:
- Al Ahli Bank of Kuwait, Arab International Bank and other banks: 12.68 pounds to purchase
- Bank of Alexandria and Next Bank: 12.66 pounds to purchase
- Commercial International Bank: 12.65 pounds to purchase
On the other hand, other banks recorded significantly lower prices:
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- United Bank: 12.26 pounds to buy (lowest ever)
- Egyptian Arab Land Bank and Abu Dhabi Commercial Bank: 12.35 pounds to purchase
- Arab International Banking Company Bank: 12.49 pounds to purchase
Technical analysis He points out that this disparity creates investment opportunities for savvy traders, while placing an additional burden on ordinary citizens who could lose hundreds of pounds as a result of not comparing prices.
It is noteworthy that this relative stability came within the framework of normal trading movement without recording sudden jumps, which reflects a state of cautious balance in the Egyptian foreign exchange market.
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