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Sunday, 14 August 2016

Twelve FX bureaus shut down in two days

The Interior Ministry’s Public Funds Investigation Unit shut down 12 FX bureaus on Wednesday and Thursday for trading currency on the parallel market, Essam Saad, head of the department, told AMAY on Friday. Saad added that Interior Minister Magdy Abdel Ghaffar had given strict orders to shut-down bureaus proven to be involved in parallel market activities and manipulating the USD exchange rate. We had reported on Thursday that the state had closed 48 exchange offices since the beginning of the year.

The parallel market fluctuated on Thursday between EGP 12.55 and EGP 12.75, Al Mal reports. We were unable to find quotes from reliable sources for Saturday’s rate.

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