CBE said to have closed 48 FX bureaus in black market crackdown YTD
The Central Bank of Egypt has reportedly closed 48 foreign exchange bureaus since the start of the year, of which 26 have been closed permanently and 22 have been suspended for three months to a year. The total number of foreign exchange bureaus licensed to operate in Egypt was 115 at the end of last year, but now there are only 67, the source said. Meanwhile, the USD-EGP reached 12.65-12.75 compared to an official rate of 8.78. On Tuesday, the parliament decided on prison sentences of 3-10 years and fines up to EGP5mn for black market currency trading. (Reuters)
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