2017-05-08

A circular dated May 7, 2017 regarding limiting exchange companies’ transactions with banks

In a letter dated May 7, 2017, the author informs the Chairman of the Board of a bank about the regulations in place since 2003 regarding exchange rates for foreign currencies at money exchange companies. The letter states that these companies are not allowed to set their own buy and sell rates and must instead agree to use the rates of an approved bank. To prevent money exchange companies from concentrating their transactions with a limited number of banks, it has been decided that no bank should have agreements with more than seven money exchange companies in this regard. The bank is requested to provide copies of their agreements with money exchange companies, and a three-month period is granted for compliance with these instructions.

Egypt

Central Bank of Egypt

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