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

Egypt Constructs World’s Largest Solar Park

Egyptian StreetsFebruary 24, 2018

Tourists Gather to Watch Alignment of the Sun on Ramses II Statue in Aswan

Egyptian StreetsFebruary 22, 2018

Egyptian Female Wins Her Case Against a Harasser in Determination to Fight Sexual Harassment

Egyptian StreetsFebruary 22, 2018

Egypt has ‘Nothing to Hide’: Al-Sisi Comments on the $US 15 Billion Natural Gas Deal with Israel

Egyptian StreetsFebruary 22, 2018

New Zoo Established in Cairo’s International Garden in Attempt to Expand Egypt’s Green Spaces

Egyptian StreetsFebruary 21, 2018

Saudi Women to Own Businesses Without Male Consent Following a Royal Decree Allowing Women to Drive

Egyptian StreetsFebruary 21, 2018

Israel Signs $US 15 Billion Deal to Export Natural Gas to Egypt

Egyptian StreetsFebruary 20, 2018

Egyptian Court Adds Former Presidential Candidate Abdel Monem Aboul Fotouh to Terror List

Egyptian StreetsFebruary 20, 2018
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.