The Black Market Dollar Exchange Rate in Egypt: Decreasing Prices and Penalties

The price of the dollar on the black market continued its losses on the black market, amid warnings to dealers in the parallel market of expected losses during the coming period, especially in light of the stability of the dollar exchange rate in banks, and news that the central bank had not floated the pound.

The price of the dollar in banks has not moved for nearly 3 months, and many fear dealing in the black market, in order to avoid the legal game.

Black market trading penalty

Article 233 in the Penalties Chapter of Law No. 194 of 2020 stipulates that: “A penalty of imprisonment for a period of no less than three years and no more than ten years and a fine of no less than one million pounds and no more than five million pounds or the sum of money involved in the crime, whichever is greater, shall be imposed on whoever Dealing in foreign exchange outside approved banks or licensed entities, or practicing money transfer activity without obtaining a license in accordance with the law.

The law also stipulates that in the event of the arrest of the accused: “In all cases, the sums and items subject of the lawsuit are seized and a judgment is issued for their confiscation. If they are not seized, an additional fine equivalent to their value shall be imposed.”

The price of the dollar on the black market

The price of the dollar on the black market decreased in trading today, Thursday, June 15, 2023, according to dealers, and the price of the dollar on the black market in Egypt during yesterday’s trading, Wednesday, ranged between 34 and 35 pounds, to continue its decline during the recent period, after it reached about 42 pounds.

This decline in the value of the dollar on the black market comes in light of the remarkable recovery of the Egyptian economy, and the improvement of the country’s cash reserves, which have witnessed a significant increase in the recent period, which indicates that the Egyptian government is able to improve the performance of the economy and achieve financial stability.

After the surprise of the US Federal Reserve.. the price of the dollar against the pound today in 10 banks