Banque Du Caire is studying establishing a foreign exchange firm in a bid to combat black market traders and violated forex bureaus, according to an official from Banque Du Caire. The proposed foreign exchange firm will be subject to regulatory control and will be under the supervision of the Central Bank of Egypt (CBE), Egyptian Financial Supervisory Authority (EFSA), and the bank’s general assembly, said Ruqaya Riad, a legal adviser to the Federation of Egyptian Banks. Both the CBE and EFSA will be in charge of determining the level of capitalisation of those firms, Riad added. Since the start of the year, a total of 53 foreign exchange bureaus have been closed as the CBE accelerated a crackdown against black market traders, closing a large number of the countries’ foreign exchange offices. (Amwal Al Ghad)