The Central Bank of Egypt cancels operation licenses of 7 foreign exchange firms over lack of capital

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The Central Bank of Egypt (CBE) has cancelled the operation licenses of seven Egyptian foreign exchange companies due to the lack of capital, Asharq Business reported, citing Secretary-General of the Foreign Exchange Bureau Division at the Federation of Egyptian Chambers of Commerce Ali Al Hariri and three sources.

The companies are Al Esraa Exchange, Golden Marriott Exchange, Al Noor Exchange, Misr Cambio Exchange, Roxy International Exchange, Cairo Switzerland for Exchange, and British Exchange, according to Golden Marriott’s CEO Tamer Shaker.

This came in compliance with the CBE’s instructions issued earlier this year requiring that the minimum capital of each branch of every foreign exchange company must be EGP 5 million.

This is in addition to restrictions imposed by the bank back in 2020 requiring each foreign exchange company to have a capital of EGP 25 million at least.