CAIRO – 30 October 2022: Chairman of the Consumer Protection Agency Ayman Hossam El Din underlined in a phone-in Saturday that the penalty of price manipulation and monopolistic practices can reach up to LE2 million. He added that prices should return to its rational levels within a short period of time. “This will take place while prioritizing the primary goal of achieving price stability, and building up sustainable, adequate levels of Foreign Exchange Reserves,” according to the CBE's Monetary Policy Committee (MPC). It elaborated that this procedure will serve as a catalyst for the rejuvenation of economic activity in the medium term. The decisions also included working towards building the foundation for a derivatives market to further deepen the foreign exchange market and enhance its liquidity.

Source: Egypt Today October 30, 2022 23:20 UTC