Cabinet has passed draft amendments to a law regulating the foreign exchange market, introducing prison sentences for traders selling foreign currency outside the official exchange rate, according to a Cabinet statement. Jail terms range from six months to three years and fines range between EGP1mn to EGP5mn. The Central Bank of Egypt (CBE) will be granted the power to suspend any exchange bureau’s licence for one year in case of any breach and impose a similar fine. Repeat offenders will be subject to having their licence permanently revoked. Cabinet also introduce three to 10-year prison terms for traders caught trading foreign currency outside the banking system or approved institutions. The amendments will need to be approved by Parliament and signed by the President in order to be effective. (Reuters)