The Central Bank of Egypt (CBE) has announced that it is taking action to regulate the country’s foreign exchange (Forex) market. The announcement comes as part of an effort to improve the economy and restore investor confidence in the country. In a statement, the CBE stated that it plans to introduce a number of measures to ensure that the Forex market is in line with international standards. These measures will include the introduction of an electronic trading platform, the introduction of a unified foreign exchange rate, and the development of a code of conduct for Forex trading. The CBE also announced that it will be introducing a system of monitoring and supervision to ensure that the Forex market is operating in a fair and transparent manner. This system will include the establishment of a Forex Committee and the establishment of a Forex Regulatory Authority. The Forex market in Egypt has been facing a number of challenges in recent years, including a lack of transparency, liquidity, and volatility. The CBE’s actions are aimed at addressing these issues and restoring investor confidence. The CBE’s announcement is seen as a positive sign by economists and investors. It is expected to help improve the country’s economic outlook and attract more foreign investment. It is also hoped that it will help the country diversify its sources of foreign exchange, which in turn could help to reduce the country’s reliance on the US dollar. In the coming months, the CBE will be working with the government and the financial sector to ensure that the Forex market is properly regulated. This will be an important step in restoring investor confidence and helping to boost the Egyptian economy.
Sat. Sep 30th, 2023
