A customer counts his LE 50 notes at an exchange office in downtown Cairo, Egypt, April 19, 2016. REUTERS/Amr Abdallah Dalsh
CAIRO – 5 March 2019: The Central Bank of Egypt (CBE) imposed punishments on 28 foreign exchange companies for violating rules during 2018, CBE announced in a statement Tuesday.
The statement added that the punishments included withdrawing permits from 13 companies and suspending 15 others for periods between three months and one year.
These measures came within the framework of the supervisory role of the bank and its efforts to preserve the efficiency of the banking system.
According to the statement, the irregularities observed were different from one company to another.
The most important of these is the abstention from selling currencies to customers, suspending the work of some branches of the company without obtaining the approval of CBE, the existence of transactions outside the books and records in addition to other irregularities that were monitored in this regard.