Parliament approved yesterday amendments of the Banking Act (Law No. 88/2003), recommended by the Central Bank of Egypt (CBE). Amendments state jail terms of three-10 years and fines of as much as EGP5mn for breaking foreign-exchange regulations. Before the changes, punishments were limited to the suspension or revoking of currency trading licence, and jail term of one year in some cases. CBE has kept the exchange rate stable at USD-EGP 8.78 at yesterday’s weekly foreign currency auction. The auction, worth USD117.9mn, was reportedly directed to clear a backlog of pharmaceutical and infant formula imports. Meanwhile, the USD-EGP reached 12.57-12.65 in the black market. (Bloomberg, Reuters, Al Masry Al Youm, Al Mal)