53 exchange companies shut down -- CBE official

A total of 53 exchange companies have been forced out of business due to violations of the Central Bank of Egypt (CBE) law.

It is a step to punish companies which violate the law, said Gamal Negm, the deputy governor of the CBE, in statements on Friday on the sidelines of a conference of the Union of Arab Banks held in the Red Sea resort city of Sharm el Sheikh.

Exchange bureaus that abide by the law are still operating, Negm assured.

He touched upon daily inspection campaigns by the CBE to detect violating firms that conduct currency speculations in a way that harms the Egyptian economy.

The deputy governor of the CBE could not determine the amount of money owned by those companies.

Arab banks are facing many challenges, Negm said, noting that banks have been the primary supporter for all Arab sectors over the past five years.

A new CBE bill is currently being outlined before referring it to the Cabinet and State Council, Negm told the conference