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Article: Foreign exchange market merger goes smoothly. (Egypt) (Brief Article)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- October 18, 1991
CopyrightCOPYRIGHT 1991 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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EGYPT
Foreign exchange market merger goes smoothly
Egypt said goodbye to multiple exchange rates on 8 October with the merger of the commercial bank and central bank foreign exchange markets. The merger has gone ahead four months earlier than planned because the authorities have judged that conditions are right -- the supply of foreign exchange is reported to be plentiful (MEED 20:9:91).
The merger, effected by an Economy Ministry decree, means that Egypt now has a single free market in foreign exchange, operated by the central bank, the 38 accredited commercial banks and all other licensed dealers, including moneychangers. For the first time ...