Exchange bureaus transfer foreign currency abroad to evade CBE pressure

After the Central Bank of Egypt stifled exchange bureaus by setting a maximum of US$50,000 for dollar deposits in banks, many have decided to transfer foreign currency for importers to cash abroad.
Bureaus affiliated with the Muslim Brotherhood raised their commission from 1 percent to 5 percent, which is equivalent to $500 for every $10,000 dollars required abroad.
A bank source said importers, especially of nonessential goods, agreed so as to avoid delaying penalties by suppliers abroad.
The bureaus send the money abroad to an agent who delivers it in cash.
Edited translation from Al-Masry Al-Youm

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