Egypt's central bank pursues traffickers in hard currency

8/20/2016 0:00

Cairo (Reuters ) -
The total number of exchange companies licensed to operate in Egypt are currently 62 company only after reaching 115 companies at the end of last year.

In this regard , the Deputy Governor of the Central Bank of Egypt , the beauty of the star said on Friday: It was closed 53 foreign exchange company since the beginning of the year for manipulation in the price of the sale of hard currency and other irregularities.

the central act after big jumps witnessed by the price of the dollar in the parallel market during the past few months to reach 13.50 pounds level last month , before falling back to 12.70 pounds on Thursday , according to traders.

a star told reporters on the sidelines of a banking conference in Sharm El Sheikh: «the number of exchange companies that have been closed since the beginning of the year and so far 53 companies of which 26 companies have been closed completely , and 27 companies have been closed for between three months and a year.»

the House of the Egyptian Parliament earlier this month on a bill to stiffen punishment on those dealing in foreign currency outside official channels, in an escalation of the campaign 's central bank on the black market , which says it is destabilizing the local currency.

the amendments include harsher penalties on those who break the law to include imprisonment for a term not less than six months nor more than three years and a fine ranging between one million and five million pounds , or between 115 thousand and 565 thousand dollars.

the amendments give the central bank governor authority to suspend the license of any exchange company for a year in addition to imposing a fine in a similar case of violation of the rules. And the Bank in case of repeated violation of the right to cancel the company 's license.

And keep the central bank on the pound was up artificially since the devaluation in March to 8.78 to the dollar from 7.7301 and announced a more flexible exchange rate policy.
Did the central bank succeeds in eliminating the black or the market even alleviate depression pound through the actions taken during the last period in which both the currency rate cut in March or exceptional bids or withdraw licenses companies.

also did not succeed Investigation of public funds on campaigns exchange companies in eliminating the parallel market.