Egypt's central bank continues to take firm action against exchange offices

The Central Bank of Egypt issued on Sunday decisive decisions against foreign exchange offices that violated the banking system and manipulated the money market.

A CBE source told MENA that the central bank revoked the license of Print Exchange Office over its continued monetary violations that seriously affect national economy, bringing to 24 the number of offices that got their licenses nullified.

The bank's decisions also include a one-year suspension against four exchange offices and a six-month suspension against two others.

So far, the bank has suspended 16 foreign offices accused of speculating on the prices of foreign currencies.