VOL. XLVI

No 14

07-April-2003

EGYPT

Egypts Attempts To Stamp Out The Black Market Attracting Further Criticism

The Egyptian Government announced on 24 March a new foreign exchange law that aims to eliminate the countrys persistent black market for US dollars and improve dollar liquidity at its banks. It ordered exporters who earn dollars or other hard currencies to transfer at least 75% of export earnings to state-owned banks within a maximum period of three months of the transaction and then...