Egyptian money exchange companies on stopping price increases
Egypt, Economics, 9/16/2000

The Egyptian money exchange companies refused fixing the price of the dollar and depicted this proposal of being against the free market policies followed by the government during the current period.

The dollar price reached 3.75 L.E (Egyptian pound) as it has greatly increased lately. The companies agreed on trying to reduce the dollar's price in the market through limiting dealing with the commercially set price among themselves and selling at the final same price to the customer.

Owners of the companies admitted that some companies kept the dollar from the market during the last days and that some customers changed currency to buy dollars in order to save it in anticipation of higher dollar prices, mentioning that this way they will save nearly 3 million dollars for the companies.

The owners of the companies asked the governmental officials to follow the transparency principle and revealing the real price of the Egyptian pound vis-a-vis the dollar.

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