A judicial report has unveiled flagrant violations of currency exchange rates in the Ministry of Foreign Affairs’ payment system for diplomatic missions, the independent al-Shorouk newspaper reported.
According to a report by the State Council’s Board of Commissioners, the ministry adopts a fixed currency rate system, which makes one Egyptian pound worth more than five US dollars, which corresponds to 1962 rates and breaches the actual market prices.
A US dollar is worth LE7.63, according to current exchange rates.
The report added that the ministry used to inform the Central Bank of Egypt about its monthly financial requirements, quoted in one number, without providing an explanation regarding the method it used to calculate them.
The report recommended that the case should be referred to the Supreme Constitutional Court, stressing that “the Foreign Ministry is not competent to determine or fix exchange rates for foreign currencies”.
The report accused the ministry of adopting “an exchange rate rule' against reality', exclusively enjoyed by members and workers of diplomatic missions abroad”, adding that the system applied “undermines the principles of equity and equality before the law, and discriminates among citizens in violation of the law”.
