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Monday, 22 August 2016

New fines, jail terms handed down for FX bureaus trading on black market

The Official Gazette published the changes to the Banking Law which impose harsher jail terms and fines on traders on the parallel market, making it officially the law of the land, Al Ahram reported. As we noted a few weeks back, the House of Representatives voted into law the amendments recommended by the Central Bank of Egypt, which will see jail terms rise to 3-10 years from a previous minimum of one year and fines capped at EGP 5 mn. The move was looked at unfavorably by the IMF delegation during its talks with the government.

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