The Central Bank of Egypt has been monitoring a group of illegal practices related to the foreign exchange market, which aim to destabilize the country’s monetary and financial stability in violation of the provisions of the law, as well as an attempt to make quick profits illegally, emphasizing that these abuses are continuously monitored and monitored to take the necessary legal measures in his business.
According to a statement from the Central Bank of Egypt, received in copy from Al-Arabiya.netthere is a steady increase in the use of credit and direct debit cards outside the country, despite the presence of customers for whom these cards were issued within the country, which peaked in the middle of the last week, with sums up to $55 million in one day, an increase of more than 5 times the media daily in the last quarter of the previous year.
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He added: ‘This reflects the misuse of these cards, and this has required procedures and controls to be in place that prohibit the misuse of credit and direct debit cards by customers who prove they have not left the country. , as well as provisions for monitoring foreign currency procurement requests for travel abroad.”
On the other hand, the necessary measures will be taken in coordination with the authorities concerned to verify whether the client has traveled or not. all necessary measures in this regard.
The Central Bank has also issued precise instructions to the banks so that they take into account the setting of limits sufficient to meet the actual needs of customers in currency, especially for the purposes of formation and card processing, maintaining the previous limits for customers who were abroad before the new checks were issued on 22 December 2022, as well as not respecting any limits on customer cards. accounts in foreign currency, and its uses are paid for in the same currency.
The Central Bank revealed that some were trading goods within the Arab Republic of Egypt in foreign exchange, as well as monitoring violations in money transfers by Egyptians residing abroad, through illegal channels not authorized to make such transfers, in violation of the text of Art. 212 of the Central Bank and Agency Law The banker promulgated with Law no. pounds sterling and not exceeding five million pounds, or the sum of money involved in the offence, if greater, for all those who deal in foreign exchange outside banks, authorized or authorized entities, or carry out money transfer activities without obtaining a license under theart. the provisions of article (209) of this law.
Some also establish companies of a special nature outside the country that act as brokers, especially in the export and tourism sectors, and aim to keep foreign exchange out of the country and deal with it outside the legal framework. Furthermore, some of these companies require the supply of foreign exchange from the Egyptian banking sector, despite keeping the accumulated earnings in foreign currency abroad. In case in if this is proven, the Central Bank has stated that all prescribed measures will be taken against these companies and their shareholders.
The Central Bank stressed that the banking system has played an effective role in clearing about $5 billion worth of cargo at ports since the beginning of this month, to meet market needs.
On the other hand, the Central Bank of Egypt states that the confidentiality of bank customer accounts is not affected in Egypt, for which the Law on the Central Bank and on the Banking System has placed strict guarantees to protect them, in what has guaranteed the protection of the confidentiality of customer data in the banking sector, of accounts, deposits, trusts and bank safes, as well as the confidentiality of transactions related to them. The law also provides that it is not permitted to view or give them the data to anyone, directly or indirectly, except with the written authorization of the holder of the account, depository, trust or treasury, or of one of his heirs, or of one of the legatees for all or some of these funds, or of his legal representative or representative , or pursuant to a court order or arbitration award.
The Central Bank emphasized that it closely monitors the developments in the foreign exchange market and takes all necessary measures to counter any practices harmful to the national economy, as well as takes all necessary measures to control the market and achieve stable monetary conditions in the near future.
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