The Central Bank of Egypt (CBE) has capped the USD-EGP's parallel rate at EGP 8.65 at a meeting earlier this week with foreign exchange bureaus. The CBE warned that bureaus selling above that rate would risk losing their licence. The same would also apply for bureaus which possess dollar liquidity above its capital base. EGP rates in the parallel market have indeed converged to the EGP8.65 level over the course of the week. (Al Borsa)
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