National Bank: The law does not allow trading in foreign currencies outside the banking sector

Monday 26/December/2022 – 10:35 PM

Hisham Okasha, Chairman of the Board of Directors of the National Bank, said that the Central Bank monitored illegal practices to manipulate and circumvent the withdrawal of foreign currencies from abroad, indicating that the withdrawal of 55 million dollars via credit cards abroad represents the size of a withdrawal traveled through illegal channels, and these crimes are punishable. It has the law that governs banking exchange controls.

Okasha added, during a telephone conversation with the journalist Amr Adib, on the “Al-Hekaya” program, on Monday evening: We must deal with a code of honor, we have not seen Englishmen in Britain who sell sterling and buy dollars during crises, adding: foreign currencies sometimes fluctuate by 30% during periods of transition or economic crises. This is not a way for profit or wrongful exploitation on the part of weak souls and crisis exploiters.

Hisham Okasha, Chairman of the Board of Directors of the National Bank, indicated that the black market for foreign currencies is legally criminalized, and Egyptian law does not allow trading in foreign currencies outside the banking sector, indicating that exchange companies are not a black market and are regulated and subject to supervision by the Central Bank.

And the Chairman of the Board of Directors of the National Bank continued, that there are messages currently circulating stating that Egyptian banks will issue certificates of such and such value, and these are unfounded misleading messages, explaining: It is normal when customers deposit money in the bank that you get a return less than its counterpart on the bank. The money that the bank lends.

And the Central Bank monitored a group of illegal practices related to the foreign exchange market, which aim to destabilize the monetary and financial stability of the country in violation of the provisions of the law, as well as trying to make quick profits illegally, stressing that these abuses are continuously tracked and monitored to take mandatory legal measures in her business.

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