Cairo – Mubasher: The Egyptian government ratified on Wednesday draft amendments to the law no.88/2003 on the regulation of foreign currency trading.

Severer penalties will be taken against black market traders, including a jail period extending from a minimum of six months to no longer than three years as per article no. 126, the Cabinet said.

Further, heavier fines, amounting to around EGP 1–5 million, will be imposed on any trader that violates the articles no. 111, 114, and 117, the Cabinet added.

Moreover, the government amended article 114 by which the Central Bank of Egypt (CBE) is thus authorised to determine terms and conditions applied to currency bureaus. It also allows the CBE to suspend bureau's licences for a year and impose fines against violators.

The parliament is expected to review and vote on the above changes before their actual application.  

By the end of May 2016, foreign currency reserves added $500 million to level up to $17.52 billion from $17.01 billion registered a month earlier.