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CBE says no new Forex, money transfer companies; Report - Daily News Egypt

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CBE says no new Forex, money transfer companies; Report

  The Central Bank of Egypt has recently turned down requests to grant new licenses for setting up new foreign exchange or money transfer companies, pan-Arab Asharq Al-Awsat daily reported.   Only banks can be granted money transfer licenses while existing foreign exchange firms are allowed to expand their branches network against a deposit of …


 

The Central Bank of Egypt has recently turned down requests to grant new licenses for setting up new foreign exchange or money transfer companies, pan-Arab Asharq Al-Awsat daily reported.

 

Only banks can be granted money transfer licenses while existing foreign exchange firms are allowed to expand their branches network against a deposit of LE 1 million ($175,500) as guarantee on each branch, the central bank said according to the paper.

 

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