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CBE suspends the activity of ten foreign exchange bureaus

CBE suspends the activity of ten foreign exchange bureaus
Central Bank of Egypt - (Photo Credit: Reuters Arabia)

Cairo – Mubasher: The Central Bank of Egypt (CBE) suspended the licenses of ten more foreign exchange bureaus in Cairo after finding them guilty of illegally trading foreign currency at black market rates, state news agency MENA said.

The state news agency pointed out that the total number of suspended foreign exchange bureaus reached 47, out of 115 operating in Egypt

Earlier, the bank had permanently revoked the licenses of 23 bureaus.

The central bank has sought to crack down on a burgeoning black market for dollars, closing bureaus and revoking the licenses of those found to be trading far beyond the official rate of 8.78 Egyptian pounds to the dollar.