Saudi Riyal Continues to Decline ‌Against Egyptian Pound

The price of the Saudi Riyal against the Egyptian Pound has decreased⁤ significantly ‍for​ the second consecutive day, according to the latest currency rates. This decline is reflected in the ⁣rates displayed by several Egyptian banks on ‍Tuesday, 3-9-2024.

Currency Rates at Major Egyptian Banks

Saudi Riyal Rates at the Central Bank⁢ of Egypt

The Central Bank of⁢ Egypt ⁤has‍ registered the Saudi Riyal ⁢at around⁣ 12.91 pounds​ for buying⁤ and 12.94‌ pounds ⁤for selling.

Saudi Riyal Rates at the National Bank of Egypt

The National Bank of Egypt has recorded the Saudi⁤ Riyal at around 12.89 ⁢pounds for buying and‍ 12.95 pounds for selling.

Saudi Riyal Rates at Banque Egypt

Banque Egypt has registered the Saudi Riyal at around 12.89 pounds‍ for buying⁤ and 12.95 pounds for selling.

Saudi Riyal Rates at Commercial International Bank

Commercial ⁣International Bank ‍has ⁣registered the​ Saudi⁣ Riyal at around 12.89 pounds for buying ⁤and 12.95 pounds​ for selling.

Interest ⁤Rates Expected to Remain Unchanged

A recent⁣ opinion poll of 15 analysts expects Egypt’s central bank to keep overnight interest rates unchanged when its⁢ monetary policy committee meets on Thursday.⁤ This decision⁣ is ⁣likely due to​ the easing of inflation⁤ in the country.

The central bank has kept interest rates steady at its last two meetings, citing slow economic ‍growth but easing inflation.⁤ The bank raised interest rates by 600 basis points ⁣in March as part of an agreement with the International Monetary Fund.

Analysts expect the central bank to keep deposit interest rates⁢ steady at 27.25% and lending interest rates at ​28.25%⁣ at the‍ committee meeting. Only⁤ one analyst expects the bank to‍ cut ⁤interest rates⁤ by 100 basis points.

Expert Insights

“We expect the ‍central bank to⁤ keep interest rates unchanged as inflation remains above target,” said James Swanston at Capital Economics. “However, the momentum is ⁤in the right direction,​ and with ‌a sharp reduction ⁢in key interest rates expected in early 2025, attention will shift to the date of the first rate cut –‍ for‌ our part, we ⁣have set it in the first quarter of 2025.”

Inflation and Interest Rates

Inflation​ fell to 25.7% in July, with real interest rates becoming positive for ⁤the first time since January 2022. The⁢ Monetary Policy Committee aims to bring​ inflation below 9% by the end of⁢ 2024.

Since Egypt allowed its currency to peg at 50.85 to the dollar as part of an agreement with the International Monetary Fund in March, the‌ Egyptian pound has ⁢risen to around 48.6 to the dollar.