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Article: Central Bank builds forex confidence.(Egyptian foreign exchange policy)(Brief Article)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- August 31, 2001
CopyrightCOPYRIGHT 2001 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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The Central Bank of Egypt and the government are devoting strenuous efforts to build market confidence in the new exchange rate system announced at the start of August as part of a 6 per cent devaluation of the local currency (MEED 17:8:01).
The central bank issued a circular to banks on 21 August, stating that customer requests for foreign currency must be fulfilled on the spot. Customers should not be called upon to provide supporting documentation such as air tickets, the circular said.
Cairo bankers say central bank officials are making spot checks through posing as bank customers seeking foreign exchange. "We had some central bank officials at our ...