Exchange companies operating in the Egyptian market are holding meetings to determine the fate of the companies closed by the Central Bank of Egypt (CBE).
The meetings will also determine ways to restore stability to the exchange market, according to the head of the general division of exchange companies in the Federation of Egyptian Chambers of Commerce, Mohamed Al-Abyad.
In a special statement to Daily News Egypt, Al-Abyad explained that the CBE has closed 14 exchange companies and removed them from the records, meaning that they will not resume their activities.
Al-Abyad said the CBE penalty was too harsh, and the CBE should have punished violators, gradually, not by writing them off.
All exchange companies operating in the domestic market expressed their willingness to voluntarily close, if it will help the state improve and restore stability to the exchange market, said Al-Abyad.
The exchange companies closed down by the CBE are scheduled to provide grievances against the decision. The division will support companies that were wronged, and will not defend violating companies.
According to data from the CBE, there are 111 foreign exchange companies operating in Egypt, and most of them are located in Cairo, Giza and Alexandria.