Egypt's electricity minister, Copelouzos Group discuss progress on Egypt–Greece power interconnection    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Prime Developments, Osoul for Tourism Development launch EGP 1.25bn CLAN project in Hurghada    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Total financing by FRA-regulated entities hits EGP 640.1bn in June 2025    Egypt aims to restore gas output, reach self-sufficiency by 2027: PM    EGP climbs vs USD in Wed.'s trading close    Egypt, Saudi Arabia reject Israeli plan to occupy Gaza    Egypt prepares to tackle seasonal air pollution in Nile Delta    27 Western countries issue joint call for unimpeded aid access to Gaza    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Oil rises on Wednesday    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Egypt, Malawi explore pharmaceutical cooperation, export opportunities    Korean Cultural Centre in Cairo launches folk painting workshop    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt parliament approves jailing of black market currency dealers
Published in Ahram Online on 09 - 08 - 2016

Egypt's parliament approved on Tuesday a cabinet bill allowing the government to prosecute and jail sellers of foreign currency on the black market.
According to the state-owned MENA agency, the law sets jail sentences of six months to three years as well as fines reaching EGP 5 million to traders charged with breaking the 2003 foreign exchange law.
The approval of the bill came following a request by The Central Bank of Egypt (CBE) to address the “danger” posed by black market trading.
According to the request by the CBE, the practices of these bureaus lead to dollar sell-off rates that are far from the official rates.
Reuters reported on Tuesday that the US dollar was changing hands at EGP 12.65, up from last week's range of EGP 12.20 to EGP 12.50, even though the CBE has kept steady the official rate at EGP 8.78 against the dollar since a 13.5 percent devaluation in March.
However, parliament speaker Ali Abdel-Al says the measure does not go far enough, calling for legislation banning currency exchange bureaus altogether.
"Currency exchange offices are like a cancer in Egypt's body, I wish the amendments were adjusted to sentence those who are manipulating in the market to death," Abdel-Al said.
On Monday, the CBE shut down five licensed currency exchange bureaus, cutting in half the country's 94 licensed bureaus.
Citing an anonymous bank official, MENA reported on Monday that 47 bureaus have been shut down so far. Of the currency exchange bureaus closed, a total of 26 have been closed permanently and had their licences revoked, while the remainder have been shut for six, eight or 12 months, according to their individual violations.
Egypt, which relies heavily on imports to support its population of 91 million, has been suffering from an acute shortage of the US currency in the wake of 2011 uprising, which was followed by political and security unrest that has turned away tourists and foreign investors, two major sources of hard currency.


Clic here to read the story from its source.