{"id":612715,"date":"2023-12-27T00:00:00","date_gmt":"2023-12-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/27\/central-bank-shuts-7-fx-bureaus-plus-news-on-east-qantara-dry-port-easypay-cards-capital-gains-tax-pe-firms\/"},"modified":"2023-12-27T00:00:00","modified_gmt":"2023-12-27T00:00:00","slug":"central-bank-shuts-7-fx-bureaus-plus-news-on-east-qantara-dry-port-easypay-cards-capital-gains-tax-pe-firms","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/27\/central-bank-shuts-7-fx-bureaus-plus-news-on-east-qantara-dry-port-easypay-cards-capital-gains-tax-pe-firms\/","title":{"rendered":"Central bank shuts 7 FX bureaus. PLUS: News on East Qantara Dry Port, EasyPay cards, capital gains tax, PE firms"},"content":{"rendered":"

The news slowdown continues<\/strong>, with not much happening on the home front.<\/p>\n

\n

NBFS-<\/p>\n

CBE shuts down seven FX bureaus:<\/strong> 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<\/a>, Roxy International<\/a>, Al Esraa, El Noor, Misr Cambio, Cairo Switzerland, and British Exchange, sources told Asharq business<\/a>.<\/p>\n

Remember:<\/strong> Under the new regulations<\/a> introduced by the CBE in May, FX bureaus are required to have at least EGP 25 mn in issued and paid-in capital \u2014 up fivefold from the previous EGP 5-mn requirement \u2014 as part of its efforts to regulate the currency market.<\/p>\n

\n

FOREIGN EXCHANGE- <\/p>\n

No more FX transactions for Egypt Post\u2019s EasyPay cards: <\/strong>Egypt Post\u2019s prepaid card EasyPay<\/a> can no longer be used for international transactions, whether purchases or withdrawals, after the postal services provider suspended all foreign transactions following government directives, according to a text message sent to clients and seen by Asharq Business<\/a> reports. <\/p>\n

This is the latest in a long list of measures <\/strong>the government has introduced in response to the country\u2019s FX shortage. The Central Bank of Egypt in October restricted<\/a> foreign-currency (FCY) transactions on local-currency credit cards to EGP 7,750 per month (about USD 250 at the official rate) and stopped<\/a> the use of local-currency (LCY) debit cards abroad.<\/p>\n

\n

TAX- <\/p>\n

More capital gains tax discussions:<\/strong> Officials from the Finance Ministry and the Misr Clearing and Depository Company (MCDR) agreed to hold another meeting in two weeks to review the executive regulations for the long-awaited capital gains tax<\/a>, during a tax-centered meeting<\/a> yesterday, Al Borsa<\/a> reports, citing informed sources. The Finance Ministry wants to publish the tax\u2019s executive regulations next month for the tax to be collected on gains made during 2023.<\/p>\n

\n

REGULATIONS- <\/p>\n

Private equity firms must allocate some of their investments for Egyptian companies <\/strong>\u2014 EGX listed or not \u2014 under recent regulatory amendments put forward by Prime Minister Moustafa Madbouly, the Financial Regulatory Authority said in a statement<\/a> yesterday.<\/p>\n

\n

LOGISTICS-<\/p>\n

East Qantara Dry Port<\/strong> to go online in four months: <\/strong>Trial operations at the E<\/a>ast<\/a>Qantara<\/a>Dry Port<\/a> in Ismailia governorate are set to kick off in late April, Mohamed El Banna, vice chairman of the port\u2019s operator New Suez Canal for Dry Ports and Logistics Services, told Al Mal<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

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 Esraa, El Noor, Misr […]<\/p>\n","protected":false},"author":1,"featured_media":612716,"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":[7209],"tags":[111,271,68,72,145,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-central-bank-of-egypt","tag-egx","tag-enterpriseam","tag-logistics","tag-tax","wpautop","entry"],"acf":{"mongo_id":"4fc7d473-a200-4e6c-a11c-95e8e1c5ab15","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1780.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Central bank shuts 7 FX bureaus. 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Banks have a three-month window to comply with new regulations and present copies of their updated contracts to the CBE.","rel":"","context":"In "Banking + Finance"","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":642357,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/13\/cbe-breathes-life-back-into-fx-bureaus\/","url_meta":{"origin":612715,"position":1},"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 "Speed Round"","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":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":612715,"position":2},"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 "Banking + Finance"","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":586885,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/fx-bureaus-face-strict-capital-requirements-tighter-controls-as-cbe-moves-to-curb-black-market\/","url_meta":{"origin":612715,"position":3},"title":"FX bureaus face strict capital requirements, tighter controls as CBE moves to curb black market","author":"enterpriseam admin","date":"18 May 2023","format":false,"excerpt":"Regs to strike \u201csignificant blow\u201d to the parallel market","rel":"","context":"In "REGULATION WATCH"","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/914.jpg?fit=%2C&ssl=1&resize=350%2C200","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":612715,"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 "FOREIGN EXCHANGE"","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":616923,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/13\/fx-inflows-outflows-inch-closer-to-normalcy\/","url_meta":{"origin":612715,"position":5},"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 "FX WATCH"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612715","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=612715"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612715\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/612699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/612716"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=612715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=612715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=612715"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=612715"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=612715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}