CBE withdraws licenses of 14 exchange bureaus over “law violations”
People and vehicles are seen caught in a traffic jam in front of the Central Bank of Egypt's headquarters in downtown Cairo in this March 17, 2013 file photo. REUTERS/Amr Abdallah Dalsh/Files

CAIRO: The licenses of 14 foreign exchange bureaus have been withdrawn for “violating the law,” Gamal Negm, Deputy Governor  of the Central Bank of Egypt (CBE) was quoted by state news agency MENA Wednesday.

The bank has referred the boards of directors of the said bureaus to the prosecution over “repeated attempts to manipulate the exchange market and to speculate on the dollar on the black market,” said Negm.

The move is part of a monetary policy adopted by the CBE to regain its foreign currency reserves that have sharply depleted following the 2011 uprising that toppled Hosni Mubarak.

Egypt’s foreign currency reserves reached $16.47 billion in 2016 down from $36 billion in 2010. The decline is caused by a weakening tourism sector and a decrease in Suez Canal revenues, CBE governor Tarek Amer announced last month.

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