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Sunday, 7 August 2016

FX Bureaus Division exchanges for three-month period to “calm the situation”

The division of the Federation of Egyptian Chambers of Commerce representing FX bureaux is considering a motion to shut down exchanges for a three-month period in what it said was a bid to “calm” the parallel market and to ostensibly demonstrate to the CBE and that the they do not hold complete control of the parallel market, sources tell AMAY. Nearly two-dozen offices have seen their licenses pulled and 14 others have had theirs suspended for a year under recent crackdowns.

Meanwhile the parallel market apparently fluctuated between EGP 12.40 and EGP 12.50 to the USD 1 on Saturday.

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