Mohamed Al-Abiad, head of the exchange division at the General Federation of Egyptian Chambers of Commerce, said demand for Saudi riyal in Egypt increased by 12% during the past two days compared to the same period of 2013, according to Saudi Arabia’s Al-Watan Arabic daily.
This rise coincided with the Kingdom’s preparations for the Haj season.
The Saudi riyal in the official market increased yesterday by EGP 0.04, reaching nearly EGP 1.91 and EGP 1.92 for buy and sell, respectively, compared to EGP 1.87 and EGP 1.88 last week.
Al-Abiad expected the riyal to continue rising by adding EGP 0.03-0.04 until mid-September.