Egyptian Federation warns of using Foreign Currencies in Local Trading

The Federation of Egyptian Chambers of Commerce (FEDCOC) warned the companies not to locally trade by any currency except for the Egyptian Pound.

This comes as pursuant to Article No. 111 of Law No. 88/2003 promulgating the Law of the Central Bank, the Banking Sector and Money, amended by Law No. 162 /2004 and Law No. 93/2005, the federation noted.

From his part, Ahmed Al Wakeel – FEDCOC Chairman – noted that the law is clear since Article No. 111 stipulates that dealing within the Arab Republic of Egypt whether purchase or sale of goods and services shall be in Egyptian pounds according to the rules to be stated in the Executive Regulations, unless otherwise stipulated in an international convention or another law.

The Egyptian official adjured all the parties involved to inform the federation of any violations occurred, thereby all the obligatory legal steps would be undertaken.

Furthermore, Al Wakeel pointed out that the federation closely follows up with concerned parties the implementation of the new monetary regulations on the exchange rates. He added there is an obvious breakthrough as regards to the provision of the foreign currencies needed for importing raw materials, components for factories and other basic commodities to the Egyptian market.

He also referred that the Egyptian market would witness a flow in supplies for sectors of industry, import, export and related services such as transport and logistics, propelled by the provision of the required foreign currency.