Cairo – Mubasher: The vice governor of the Central Bank of Egypt (CBE) on Friday announced that 53 currency exchange offices were closed down since the start of 2016 because of manipulating the selling price of the dollar among other violations.
The total number of currency exchanges in Egypt before the shutdowns was 115 companies, according to CBE data.
Last week Essam Saad, head of the General Department of Public Funds Crime's Investigation Police at the Ministry of Interior, told Mubasher that security bodies were implementing the CBE's decisions to shut down currency exchange companies and to intensify efforts against the foreign currency black market.
Meanwhile and speaking on condition of anonymity, an official at an exchange office stated that the intensive security campaign is a prelude to another devaluation of the Egyptian pound and a means of silencing the market.
