Saudi Riyal exceeds 6 EGP for the first time

The Saudi SAR crossed the six EGP barriers after the Central Bank of Egypt floated the value of the pound.

The Central Bank of Egypt announced today the adoption of a flexible exchange rate system for the Egyptian currency, the pound.

The Central Bank clarified that the exchange rate of the value of the Egyptian pound against other foreign currencies will be according to the forces of supply and demand.

Immediately after this announcement, the US dollar exchange rate in some Egyptian banks crossed a level close to EGP 22.5.

In turn, SAR crossed the barrier of EGP six and ten piasters, rising to more than 70 piasters in one go.