UPDATE: Egypt’s business digest Aug. 19: 53 foreign exchange bureaus closed in 2016 over black market trading: CBE official
A man walks past an exchange bureau advertisement showing images of the U.S dollar in Cairo, Egypt, February 21, 2016. REUTERS
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CAIRO: No more browsing from site to site, view the top business news stories on August 19 here:

53 foreign exchange bureaus closed in 2016 over black market trading: CBE official

The Central Bank of Egypt has closed 53 foreign exchange bureaus since the start of the year due to trading at black market rates and other violations, Gamal Negm, deputy governor at the bank was quoted by Youm7 on Friday.

The move, which represents acceleration of crackdown against black market traders, comes as a step “to punish companies which violate the law,” said Negm during the Union of Arab Banks Forum currently held in Sharm El-Sheikh.

“A total of 26 bureaus have been closed permanently and 27 have been suspended for periods ranging from three months to a year, the official said.

According to traders, the US dollar is being sold on the black market for over 12 EGP, far more than the official rate of 8.80.

 

EGX30 drops 0.72% at week closing, market capitalization loses 2 b EGP

The Egyptian Exchange benchmark index EGX30, dropped 0.72 percent during the past week of trading ended Thursday to close at 8,317 points down from 8,377.1 points a week earlier, data from Egypt’s bourse showed on Friday.

Meanwhile, the Mid- and small-cap index EGX70 added 0.49 percent to close at 365 points up from 363.39 points.

Market capitalization dropped by almost 2 billion EGP during the week ended on Thursday to settle at 416.7 billion EGP down from 418.6 EGP billion at last week’s closing.

 

CBE shuts down 53 exchange companies over irregularities

The Egyptian Bank of Egypt has withdrawn work license from a total of 53 exchanges companies nationwide over committing market irregularities, in light of the government’s efforts to control the dollar crisis, Youm7 reported Friday.

 

Expenditure of 2015 petroleum deals reaches $2.56 bln

The minimum expenditure of new petroleum deals, signed in 2015 and for new amendments on the ongoing deals reached $2.57 billion, Youm7 reported an official at the Ministry of Petroleum on condition of anonymity as he was not authorized to brief the media.

Over 2015, 20 new deals on oil and gas exploration have been signed, while 14 new agreements were amended, the official added.

 

Egypt loses $250 mln monthly due to tourism crisis

Egypt loses $ 250 million monthly as a result of the tourism crisis, with a total of about $ 3 billion losses over 10 months, said South Sinai governor Khaled Fouda during a forum organized by the Union of Arab Banks.

He added that the Central bank of Egypt is coordinating with other banks to support the investors to the tourism crisis in Sinai.

 

UAB: IMF loan  is important step for Egyptian economic reform

Secretary General of the Union of Arab Banks (UAB) Wesam Fattouh said in a forum Friday the International Monetary Fund’s (IMF) loan of $ 12 billion for Egypt is an important step to support the Egyptian economic reform policies and a strong testimony.

 

Egyptian pound steady at Friday auction

The Central Bank of Egypt has kept the pound steady against the US dollar at its official foreign currency auction on Friday, with the unchanged rate of 8.88 per dollar, data from the bank showed.

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