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Egyptian Central Bank- foreign exchange trades outside banking system to be fined E£5 million & upto 10 years imprisonment

Posted on March 21, 2023

Face Law No. 194 of 2020 issued the Central Bank Law and the Banking System, punishing anyone who trades foreign exchange outside banks with a fine of £5 million and up to 10 years in prison.

The provisions of the law of joint stock companies, stock recommendation companies, limited liability companies, and one-person companies are issued by Law No. 159 of 1981, and the central bank is the qualified administrative authority.

The Governor of the Central Bank is the minister qualified in applying the provisions of the law of joint stock companies, stock recommendation companies, limited liability companies, and the companies of the one person referred to the authorities subject to his supervision per the provisions of the accompanying law.

The provisions of the Trade Law implemented by Law No. 17 of 1999 also apply to bank transactions with their clients, whether or not they are merchants.

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