FX bureaus want the CBE to allow them to supply more than one bank at a time

FX bureaus want the CBE to allow them to supply FX to more than one bank at a time to have alternative outlets for their excess currency and avoid sustaining heavy losses as has been the case in recent weeks, Al Borsa says. FX bureaus have reportedly lost much revenue in recent weeks, as the USD devalued and as a result of excess currency that they were unable to pass on to the Emirates NBD, which has supply agreements with almost 80% of Egyptian FX bureaus, the head of the exchange bureau division at the Cairo Chambers of Commerce, Ali El Hariri, said. Members of the division plan to raise the issue with the CBE next week and demand that bureaus be allowed to deal with at least three banks at once, and that the National Bank of Egypt be one of them.