Egypt Said to Weigh Tighter Regulations on Currency Bureaus
- Authorities targeting black market to end dollar shortage
- Central bank devalued the pound and raised rates last week
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Egypt’s central bank is weighing tougher regulations on foreign-exchange dealers, part of a broader effort to crack down on the black market and end a hard currency shortage that’s impeding economic growth.
The bank wants to reduce the number of foreign-exchange bureaus from more than 140 and introduce measures to improve transparency, said a person familiar with the matter, who asked not to be named because they’re not authorized to speak to the media. Central bank Governor Tarek Amer declined to comment when contacted by Bloomberg.