{"id":586885,"date":"2023-05-18T00:00:00","date_gmt":"2023-05-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/fx-bureaus-face-strict-capital-requirements-tighter-controls-as-cbe-moves-to-curb-black-market\/"},"modified":"2023-05-18T00:00:00","modified_gmt":"2023-05-18T00:00:00","slug":"fx-bureaus-face-strict-capital-requirements-tighter-controls-as-cbe-moves-to-curb-black-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/fx-bureaus-face-strict-capital-requirements-tighter-controls-as-cbe-moves-to-curb-black-market\/","title":{"rendered":"FX bureaus face strict capital requirements, tighter controls as CBE moves to curb black market"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">CBE introduces new regulations for FX bureaus: <\/span><span style=\"\">The Central Bank <\/span><span style=\"\">of Egypt (CBE) is <\/span><span style=\"font-weight:400;\">imposing new regulations on foreign-exchange bureaus as it looks to get on top of a resurgent parallel market.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Exchanges have to up their issued capital to stay in the game: <\/span><span>Under <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/885.pdf\" style=\"\">regulations (pdf)<\/a><\/span><span> published earlier this week, <\/span><span>FX bureaus will have to increase issued and paid-in capital to at least EGP 25 mn by 15 September. This is a 5x increase from the current EGP 5 mn requirement, sources from the industry told Enterprise yesterday. Companies<\/span><span> have a one-year grace period to comply with the rest of the regulations starting from 14 May.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The rationale: <\/span><span>Raising the minimum capital requirement for FX companies is part of the central bank\u2019s push to \u201cregulate the currency market and one way to do so is to allow only qualified and reliable companies to work in the sector,\u201d <\/span><span>CI Capital veteran Hany Aboul Fotou<\/span><span style=\"font-weight:400;\">h told Enterprise yesterday. Industry sources told us this week that the industry is experiencing huge losses and that the new capital requirement will likely force some of them to shut down.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The industry is shrinking: <\/span><span style=\"font-weight:400;\">The number of FX companies has declined from around 120 to less than 40 since the pandemic, in part due to the losses they\u2019ve been incurring as a result of clients preferring to deal in the black market, the sources said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Cracking down on the black market:<\/span><span style=\"font-weight:400;\"> The tightening of operational controls over these companies such as banning them carrying out business activities outside of their premises is \u201ca significant blow to the black market,\u201d&nbsp;<\/span>Aboul Fotouh&nbsp;<span style=\"font-weight:400;\">said, explaining that black market traders will have a harder time accessing equipment like counterfeit money detectors.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The black market rate has widened in recent months<\/span><span> as speculation increases that the EGP could be further devalued against the USD. The official exchange rate is now at 30.95 to the USD but the EGP is currently trading <\/span><span>at around 38.0<\/span><span> on the black market, down from a recent high of 42.0, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3Mmjexc\" style=\"\">Al Arabiya<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Keeping tabs on the FX sector is not new: <\/span><span style=\"font-weight:400;\">The central bank cracked down on FX companies in the aftermath of the devaluation in 2016 when many of these companies acted as \u201ca backdoor for the black market,\u201d according to Aboul Fotouh. This was one of the ways through which the central bank was able to regulate the FX market to a huge extent, he explained. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A zero tolerance policy: <\/span><span style=\"font-weight:400;\">Under the changes, FX companies that don\u2019t obtain prior approval from the central bank before merging with other firms, closing any of their branches, or refusing to carry out their licensed business activities with clients, will be shut down immediately. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Industry players want breathing room: <\/span><span>\u201cWe are looking to arrange a meeting with the CBE governor Hassan Abdallah to discuss the new regulations and their impact on the FX market,\u201d <\/span><span>Ali El Hariry,<\/span><span style=\"font-weight:400;\"> member of the coordination council of the FX companies told Enterprise yesterday.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Regs to strike \u201csignificant blow\u201d to the parallel market<\/p>\n","protected":false},"author":1,"featured_media":586886,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8614],"tags":[271,104,72,2234,871],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-watch","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-regulation-watch","wpautop","entry"],"acf":{"mongo_id":"5b6f9aa4-8ee9-4804-bc43-8e40fac6213c","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/914.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s FX bureaus face strict capital requirements, tighter controls as central bank moves to curb black market","related_issue":[586869],"teaser":"Regs to strike \u201csignificant blow\u201d to the parallel market","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.0f6fba62-2d6f-48c0-a3c7-d66a094386d8.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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PLUS: News on East Qantara Dry Port, EasyPay cards, capital gains tax, PE firms","author":"enterpriseam admin","date":"27 December 2023","format":false,"excerpt":"The news slowdown continues, with not much happening on the home front.NBFS- CBE shuts down seven FX bureaus: The Central Bank of Egypt (CBE) has revoked the licenses of seven foreign exchange bureaus for not meeting the EGP 25-mn minimum capital requirement. The bureaus include Golden Marriott, Roxy International, Al\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1780.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":647446,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/10\/cbe-issues-new-directives-to-regulate-relationship-between-banks-and-fx-bureaus\/","url_meta":{"origin":586885,"position":1},"title":"CBE issues new directives to regulate relationship between banks and FX bureaus","author":"enterpriseam admin","date":"10 May 2017","format":false,"excerpt":"Egyptian banks can only do business with up seven foreign exchange bureaus at a time, according to the latest Central Bank directives issued late on Monday, Al Mal says. Banks have a three-month window to comply with new regulations and present copies of their updated contracts to the CBE.","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":616923,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/13\/fx-inflows-outflows-inch-closer-to-normalcy\/","url_meta":{"origin":586885,"position":2},"title":"FX inflows, outflows inch closer to normalcy","author":"enterpriseam admin","date":"13 March 2024","format":false,"excerpt":"Float spurs influx of FX sales at the country\u2019s biggest FX bureaus","rel":"","context":"In &quot;FX WATCH&quot;","block_context":{"text":"FX WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/fx-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1100.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":642357,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/13\/cbe-breathes-life-back-into-fx-bureaus\/","url_meta":{"origin":586885,"position":3},"title":"CBE breathes life back into FX bureaus","author":"enterpriseam admin","date":"13 August 2017","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":671258,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/03\/cbe-reveals-new-regulatory-framework-for-foreign-exchange-bureaus-to-combat-money-laundering-other-illicit-activity\/","url_meta":{"origin":586885,"position":4},"title":"CBE reveals new regulatory framework for foreign exchange bureaus to combat money laundering, other illicit activity","author":"enterpriseam admin","date":"3 September 2025","format":false,"excerpt":"Bureaus have six months to comply with the new framework","rel":"","context":"In &quot;FOREIGN EXCHANGE&quot;","block_context":{"text":"FOREIGN EXCHANGE","link":"https:\/\/enterpriseam.com\/egypt\/category\/foreign-exchange\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/9\/182.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":651988,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/26\/fx-bureaus-want-the-cbe-to-allow-them-to-supply-more-than-one-bank-at-a-time\/","url_meta":{"origin":586885,"position":5},"title":"FX bureaus want the CBE to allow them to supply more than one bank at a time","author":"enterpriseam admin","date":"26 February 2017","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=586885"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586885\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/586869"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/586886"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=586885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=586885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=586885"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=586885"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=586885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}