‘Customers persuaded to remit money to Egypt in US dollars’ – Move aimed to activate black market

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KUWAIT CITY, Sept 9: According to banking sources, 69 percent of the tellers in official money exchange companies are persuading their clients to transfer their money to Egypt in American dollars, taking advantage of the unawareness of the clients concerning the closure of 78 percent of the money exchange companies in Egypt, reports Al-Shahed daily.

Indicating that such a move is aimed to activate the black market, the sources explained that the buying price of American dollar in the black market in Egypt is about 12.55 EGP and selling price is 12.65 EGP.

In certain provinces and rural areas, the buying price can reach up to 12.67 EGP. This comes amid the exchange companies’ total avoidance in trading with the green currency out of fear of security campaigns.

This fear has engulfed this market due to oversight campaigns being waged by Egypt’s Central Bank from time to time, due to which the money exchange companies’ owners refuse to buy and sell American dollars currently.

This also coincides with the situation of importers, after discharge of all import deals, in refraining from trading with American currency, as such trading has reduced in the black market following the closure of money exchange companies that were striving to destroy the economy.

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