Senior banking official has said that Central Bank of Egypt (CBE) has recently discovered gangs that are illegally trading in foreign currencies through their bank accounts. They transfer the required amounts in US dollars to the importers’ accounts, while the illegal traders withdraw the return in Egypt pound from the importers accounts.
CBE is currently in communication with heads of private and public banks to monitor some accounts from which huge amounts are withdrew in Egyptian pound and a return in dollars is deposited. The bank also called on local banks to inform it with all transactions of largs sums of money that take place.
In related news, the unprecedented decline in international prices of gold caused increase in the price of the dollar on the black market, reaching LE7.56, which is the highest rate in six months. The official purchase price reached LE7.15 and LE7.18 for selling.
Youssef Farouq, the executive chief of the Egyptian Exchange Company, said the gold price decline made some traders buy large amounts of it, which created increasing demand on the dollar.
Emad Gamal, executive chief of another exchange company, said importers have stopped purchasing the dollar after it surpassed LE7.52
Exchange expert Bassant Fahmy wondered about CBE intervention supporting the Egyptian pound, saying that all the formerly developing countries abandoned this issue until it surpassed this phase. She added that the basic commodities are in need for the support.
Edited translation from Al-Masry Al-Youm
