VOL. XLVI

No 33

18-August-2003

EGYPT

CAPITAL MARKETS

Black Market Problem

The repatriation backlog is not the only problem to affect the stock market this year. In a move aimed at stamping out the black market and boosting dollar liquidity the Egyptian Government announced on 24 March that exporters who earned dollars or other hard currencies were required to transfer at least 75% of export earnings to state-owned banks within a maximum period of three months and then exchange the foreign currency...