CBE breathing life back into FX bureaus? The central bank plans to allow up to 24 FX bureaus it had shuttered last year at the height of the FX crunch to come back to life, according to statements by CBE Sub-Governor Tarek Fayed on Saturday. The move comes as FX reserves have been shored up, reaching USD 36 bn in July. By Al Masry Al Youm’s count, up to 27 bureaus were given temporary suspensions or saw their licenses revoked for engaging in black market FX transactions.

On a related note, the National Bank of Egypt plans to open a foreign exchange company sometime this week, said the head of the new company, who explained it will operate outside banking hours and could open 50 branches nationwide.

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