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.

 

 

 

 



Yemen's Houthis Say to Escalate Military Operations in Support of Gaza

A Houthi military helicopter flies over a cargo ship in the Red Sea. (Reuters)
A Houthi military helicopter flies over a cargo ship in the Red Sea. (Reuters)
TT

Yemen's Houthis Say to Escalate Military Operations in Support of Gaza

A Houthi military helicopter flies over a cargo ship in the Red Sea. (Reuters)
A Houthi military helicopter flies over a cargo ship in the Red Sea. (Reuters)

Yemen's Houthis will continue their military operations and escalate them "in quality and quantity" in support of Palestinians in Israel's war in Gaza, the Iran-backed group's leader Abdulmalik al-Houthi said in a televised speech on Thursday, Reuters reported.

The group have been attacking ships in the Red Sea region since November, forcing shippers to re-route cargo to longer and more expensive journeys around southern Africa.

The group later expanded the scope of its attacks to the Indian Ocean and said it would also target any ships heading towards Israeli ports in the Mediterranean Sea.