Jail Time Awaits Illegal Dollar Traders as Egypt Tightens Law
- Parliament Speaker says exchange bureaus are a ‘cancer’
- Black market traders now face up to 10 years in prison
Egypt's FX Reserves Lowest in 16 Months
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Egypt’s parliament approved jail terms for breaking foreign-exchange regulations, part of the effort to fight the currency black market that has helped push inflation to the highest level since 2008.
Violators now face prison sentences of three to 10 years, and fines of as much as 5 million Egyptian pounds ($563,076), the state-run Middle East News Agency reported. Before the changes, punishments were limited to the suspension or revocation of currency trading licenses.