CAIRO – 7 March 2024: Egypt's Public Prosecution has detained 18 individuals responsible for EgyptAir's treasury on allegations of illegally trading nearly $1 million of the company's funds in the parallel market. They sold the money on the parallel market, and then deposited the proceeds in the treasury in local currency, profiting from the difference between the official exchange rate and the parallel market rate. Prosecutor-General Mohamed Shawki ordered the detention of the employees pending further investigation following the discovery of sums of foreign currency in their possession. In recent months, the Ministry of Interior has intensified its crackdown on illegal foreign currency trading. He further highlighted that eliminating the parallel market will help mitigate inflation.

Source: Egypt Today March 07, 2024 14:44 UTC