CBE considering to ban banks from collecting FX deposits from the parallel market
The Central Bank of Egypt (CBE) is reportedly considering banning banks from accepting foreign currency deposits from unknown sources. Each customer will need to provide necessary documents to prove the source of their foreign currency deposits which are receipts showing the official rate. This move aims to block parallel market hard currency from entering into the banking system. CBE is expected to finalise this measure in the upcoming days and send its official request to banks shortly. (Al Borsa)
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