The price of the dollar recently fell against the Egyptian pound, during the transactions of the Central Bank of Egypt in recent days, after the black market witnessed a strong wave of rises, which was exploited by some dollar manipulating traders, who have been discouraged by the authorities regulating this process, from imposing sanctions against this crime against citizens and customers.
A surprise for dollar traders on the black market
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According to the text of sanctions for currency trading, Article 126, a penalty and a monetary fine will be imposed on anyone who violates the provisions of the articles of Law No. 88 issued in 2033, relating to the regulation of foreign exchange operations. the sanctions and the amount of the fine imposed are as follows:
- The prison sentence ranges from 6 months to 3 years.
- A fine of between one million and five million pounds.
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Text of sanctions for currency trading
According to what is specified in the text of article 126 bis, anyone who carries out currency transactions outside of official banks and bodies authorized and authorized by the competent authorities in foreign exchange matters is exposed to a prison sentence of 3 to 10 years, in addition to a financial penalty. . equal to the value of the amount registered in the crime, in addition to the confiscation of all sums involved in the crime.
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How can I buy dollars in Egypt?
Customers of banks operating in Egypt can purchase certain amounts of US dollars, in addition to the conditions that must be met, namely opening a bank account and submitting a request at least 48 or 24 hours before the travel date.
Which is better to convert riyals or dollars in Egypt?
Since the value of the Saudi riyal is stable against the dollar, it is best to convert your money into riyals.
How do you buy and sell money?
Going to Exchange platformHe then selects the currency pair that the customer deems suitable, then completes the buying or selling process, with technical analyzes of the chosen pair.
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