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Thursday, 1 December 2016

FX bureaus division wants banks to regulate exchange rate

A float is a dish best served cold: After holding the FX market hostage prior to the float of the EGP, FX bureaus are now crying that they are no longer getting a fair share of the market. The CBE should allow for FX bureaus some margin as the banks are leaving nothing on the table, the head of the FX bureaus division of the Federation of Egyptian Chambers of Commerce Mohamed Al Abyad told AMAY. He suggested that the CBE step in and regulate the exchange rate, revealing what appears to be something short of a full grasp on the point of a free float

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