News

Egypt Launches Radio Campaign Encouraging Citizens to Shun Black Market, Trade Dollars at Banks

Egypt Launches Radio Campaign Encouraging Citizens to Shun Black Market, Trade Dollars at Banks

Employees speak on phones at an exchange office in downtown Cairo June 5, 2014. REUTERS/Amr Abdallah Dalsh
Employees speak on phones at an exchange office in downtown Cairo June 5, 2014. REUTERS/Amr Abdallah Dalsh

Egypt’s government has launched a radio campaign to encourage Egyptians to stop trading foreign currency on the parallel market and instead rely solely on banks.

The campaign tells listeners that trading at banks will help alleviate the shortage of dollars in the country and reduce inflation.

Last week, Egypt’s central bank moved to float the Egyptian pound and allowed banks the freedom to set individual rates for dollar exchange based on supply and demand.

According to Reuters, however, banks have been holding to their limited supplies of dollars, pushing up the price of the greenback to EGP 16.83.

Prior to Egypt’s move to float the currency, importers relied largely on the parallel market for much-needed foreign currency that became unavailable through official channels as the central bank began implementing strict measures to preserve the country’s foreign reserves.

However, leaders from the Federation of Egyptian Chambers of Commerce called for a boycott of the parallel market last week, after dollars began trading at an all-time high of EGP 18. Following the boycott, the pound strengthened on the parallel market and dollars were being sold for between EGP 12 and 15.

Now that the official dollar rate has risen, Egypt is hoping to re-attract the foreign currency that had been trading on the parallel market back to the country’s banks.

Egypt’s foreign reserves stood at USD 19.592 billion at the end of September.

American University in Cairo President Promises Solutions After Students Protest Tuition Hikes
Egypt Court Upholds Decision to Annul Transfer of Red Sea Islands to Saudi Arabia

Subscribe to our newsletter


News

More in News

Uber Plans to Takes Over Middle-Eastern Rival Careem for $3.1 Billion

Nour EltiganiMarch 24, 2019

Singer Sherine Banned from Performing After Freedom of Speech Comments

Egyptian StreetsMarch 24, 2019

ISIS Loses Its Last Territory, Yet the Region Looks More Dysfunctional

Mirna AbdulaalMarch 23, 2019

Egyptian Teenager’s Actions Save Schoolchildren from Italy Bus Attack

Egyptian StreetsMarch 22, 2019

Trump: Time for US to Recognise Golan Heights as Israeli territory

Egyptian StreetsMarch 21, 2019

Al Aswany Embroiled in Military Lawsuit for Criticism on State

Egyptian StreetsMarch 21, 2019

Egyptian Parliament Agrees to Law that Protects Your Personal Data

Nour EltiganiMarch 19, 2019

Egypt named Africa’s “Hottest Tech Scene” by Business Insider

Egyptian StreetsMarch 18, 2019
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.