2023-10-28 14:30:00
The exchange rate of the Egyptian pound against the Saudi riyal on the black market continued today, Saturday, as the price of the Saudi riyal reached 12.53 Egyptian pounds, compared to 8.19 Egyptian pounds in the official market, while the dollar reached 47 pounds, compared to 30.90 in the official market.
It is expected that the deterioration in the Egyptian pound will continue and that the dollar will exceed 50 pounds in the coming days, especially after the emphasis on using credit cards for online purchases and spending when traveling outside Egypt, the increased demand for the dollar, and the outbreak of war between the Palestinians and the Zionist entity.
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This sharp decline in the price of the Egyptian pound against foreign currencies is a source of great concern for expatriates, as they tend not to transfer the Saudi riyal and the dollar to the Egyptian pound and are content with making the necessary transfers.
This sharp decline in the price of the Egyptian pound comes in light of the economic crisis that the country is suffering from, as Egypt suffers from a high inflation rate and a decline in foreign exchange reserves.
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