VOL. XLVI

No 13

31-March-2003

EGYPT

Egypt Decree Orders Banks To Sell 75% Of Forex Revenue To Banks

Egyptian Prime Minister 'Atif 'Ubaid issued a decree on 24 March ordering companies to sell three-quarters of their foreign exchange revenue to banks in a move which seems designed to force dollar holders to sell on the official market rather than the black market. Despite the flotation of the pound on 29 January, the authorities have failed to eradicate the black market and the pounds value against...