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CBE: Legal measures against illegal practices in foreign exchange market

The Central Bank of Egypt (CBE) has spotted several illegal practices as regards the foreign exchange market, which primarily aim to disturb the balances in the financial system.

In a statement, a copy of which was obtained by MENA, the CBE said that it spotted several practices which aim to attain quick profits through illegal means.

The CBE is monitoring such practices in order to take the necessary legal measures in this respect, added the statement.

The CBE noted, in the statement, that it observed credit and debit cards used abroad for the purpose of amassing cash while their owners are in Egypt.

It added that a total of dlrs 55 million has been withdrawn in one day, an increase which is more than 5 times over the daily average recorded in the last quarter of the previous year

The CBE also said that it ordered banks to remove maximum limits on credit and debit cards for customers who require foreign cash overseas for medical treatment or education purposes after they submit documents proving their claim.

The CBE further said that it ordered banks to remove limits on bank cards for those who travelled before the announcement of the latest restrictions on December 22.

Meanwhile, the CBE affirmed that the confidentiality of customer accounts in banks is not compromised.

The law states that it is not permissible to view these accounts or give data about them to any party, directly or indirectly, except with a written permission from the owner of the account, deposit, trust, or treasury, or from one of his heirs, or from one of the legatees for all or some of these funds, or from his legal representative or his agent, or based on a court ruling or arbitral award, the CBE said.


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