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Thursday, 29 November 2018

Egypt working to step up punishment for forex black market

LEGISLATION WATCH- House awaits CBE response on legislation to curb forex black market: The House’s Constitutional and Legislation Committee has come up with an amendment to the Banking and Central Banks Act that aims to step up punishment for currency black market traders. The committee has sent the measure to the Central Bank of Egypt (CBE) for review, Al Mal reports. The amendment would allow the prosecutor general’s office to issue arrest or search warrants as part of the investigation upon a request from the CBE or prime minister.

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