Egypt Intensifies Crackdown on Dollar, Gold Dealers to Control Markets

US dollar bills. Reuters file photo
US dollar bills. Reuters file photo
TT

Egypt Intensifies Crackdown on Dollar, Gold Dealers to Control Markets

US dollar bills. Reuters file photo
US dollar bills. Reuters file photo

The Egyptian authorities are intensifying efforts to crackdown on foreign exchange and gold dealers in an attempt to combat the surging dollar rates in the parallel market.
On Friday, an Egyptian security source confirmed that 186 illicit foreign exchange trafficking operations were stopped in one week.
The official price of the US dollar in Egyptian banks is 30.9 Egyptian pounds, while its average price in the parallel black market, according to local media, on Friday, reached about 65 pounds.
An informed source said that the security services at the Ministry of Interior “were able to uncover 186 cases of [illicit trade] in foreign exchange during the past week.”
The source, which was quoted by Egypt’s official Middle East News Agency, noted that the value of the foreign currencies seized in these cases was equivalent to about 113.7 million pounds. He said this comes as a continuation of efforts to chase illicit trade of foreign currencies and speculation on currency prices, by hiding them from circulation.
Egyptian Prime Minister Mostafa Madbouly said on Thursday that the various state agencies continue to take necessary steps and measures that will contribute to providing goods in appropriate quantities and prices, and deploy efforts to control the markets.
In this context, MP Hassan Ammar said the success of the security authorities in arresting a number of speculators in the parallel market and bringing them to trial will have a positive impact on restoring balance to the prices of goods and reducing inflation rates.
In press statements on Friday, he stressed the importance of completing the implementation of economic financial measures to maintain price stability in the markets.
The Egyptian Ministry of Interior announced on Friday that it has seized 1,262 cases of withholding various food commodities.
The ministry pointed to its efforts to protect consumers, tighten control over markets, and confront attempts to withhold goods from trading to raise their prices.

 

 

 

 



US Defers Removal of Some Lebanese, Citing Israel-Hezbollah Tensions

Smoke billows from a site targeted by Lebanon's Hezbollah, along the northern Israeli border with Lebanon on July 25, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (AFP)
Smoke billows from a site targeted by Lebanon's Hezbollah, along the northern Israeli border with Lebanon on July 25, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (AFP)
TT

US Defers Removal of Some Lebanese, Citing Israel-Hezbollah Tensions

Smoke billows from a site targeted by Lebanon's Hezbollah, along the northern Israeli border with Lebanon on July 25, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (AFP)
Smoke billows from a site targeted by Lebanon's Hezbollah, along the northern Israeli border with Lebanon on July 25, 2024, amid ongoing cross-border clashes between Israeli troops and Hezbollah fighters. (AFP)

The United States is deferring the removal of certain Lebanese citizens from the country, President Joe Biden said on Friday, citing humanitarian conditions in southern Lebanon amid tensions between Israel and Hezbollah.

The deferred designation, which lasts 18 months, allows Lebanese citizens to remain in the country with the right to work, according to a memorandum Biden sent to the Department of Homeland Security.

"Humanitarian conditions in southern Lebanon have significantly deteriorated due to tensions between Hezbollah and Israel," Biden said in the memo.

"While I remain focused on de-escalating the situation and improving humanitarian conditions, many civilians remain in danger; therefore, I am directing the deferral of removal of certain Lebanese nationals who are present in the United States."

Israel and Iran-backed Hezbollah have been trading fire since Hezbollah announced a "support front" with Palestinians shortly after its ally Hamas attacked southern Israeli border communities on Oct. 7, triggering Israel's military assault in Gaza.

The fighting in Lebanon has killed more than 100 civilians and more than 300 Hezbollah fighters, according to a Reuters tally, and led to levels of destruction in Lebanese border towns and villages not seen since the 2006 Israel-Lebanon war.

On the Israeli side, 10 Israeli civilians, a foreign agricultural worker and 20 Israeli soldiers have been killed. Tens of thousands have been evacuated from both sides of the border.