The House of Representatives gave its final approval on Tuesday to amend the law of the Central Bank of Egypt (CBE). Parliament speaker Ali Abdul Aal also demanded during the session that members of parliament file a bill to put an end to exchange companies.
Abdul Aal said during Tuesday’s session that exchange companies are like “cancer in the Egyptian economy”. The amendment to the CBE law includes increasing the penalties on those who change the price of the US dollar on the informal market.
The parliament session that will be held on Wednesday will discuss measures to stabilise the rate of the Egyptian pound. It will also ensure that the loan from the International Monetary Fund (IMF) be used to create profitable projects that will positively contribute to the Egyptian economy.
Egypt has been experiencing severe economic turmoil over the past few months. In March, the CBE devalued the currency by 14%. The IMF is expected to give Egypt a $12bn loan as part of a total $21bn loan to be given to Egypt through several sources, including bonds issued in the international market among others.
