CBE: New Fines And Imprisonment For Dealing In Foreign Currency Outside Banks

The Central Bank of Egypt announced a new law to prevent the dealing of foreign currency outside of banks and authorized exchange offices.

The law imposes a fine of up to 5 Million Egyptian Pounds and imprisonment of no less than 3 years if individuals deal in foreign currency outside of the authorized banks and currency exchange offices.

In all cases, the amounts and items subject to confiscation shall be seized. If they are not seized, an additional fine equal to their value shall be imposed.

Article 214 stipulates that banks may carry out all foreign exchange operations, including accepting deposits, dealing and transferring in and out, and operating and covering the foreign currency balances they hold.

Recommended

This Sports Car Racer Transformed Cairo Into A Christmas Wonderland With A Ferrari ParadeThey Are Besties! Farah Elkordy Might Be Joining MrBeast In Surviving 100 Hours Inside The Pyramids!Drip Or Skip? Salah Just Stepped Out In Oversized Pants And It Got People Talking!

Banks may export and import foreign currencies after the approval of the Central Bank, and the governor if the bank violates the rules and procedures of this law.

Additionally, if the governor sees any violations of these laws, he may take whatever measures he deems appropriate, including stopping the bank from dealing in foreign exchange for a period not exceeding one year.

According to Article 215, banks, foreign exchange offices, banks, and entities licensed to deal in foreign currency must submit the data to the Central Bank data on the foreign exchange operations they undertake, whether carried out for their account or the account of others.

Next: Turkey Agrees To Supply Combat Drones to Egypt As Relations Normalize