Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

CPA: Penalties for Selling, Purchasing Products in Foreign Currencies Punishable by up to 3 Years Imprisonment

Sun 04 Feb 2024 | 11:59 PM
US dollar
US dollar
Taarek Refaat

The spokesman for the Consumer Protection Agency (CPA) in Egypt, Islam Al-Gazzar said that dealing with any product or commodity in dollars or any other foreign currency is a criminal act under the Central Bank Law, stressing that the penalty for such dealing begins with 3 years’ imprisonment.

Al-Gazzar added, in a a call-in with one of the TV Chanels that the Central Bank law is clear, and that there are some sectors and establishments that are excluded from this decision, which are some hotels and some products that It deals within the free zone.

He pointed out that a number of incidents have been monitored in this regard, and the agency has received some complaints regarding the sale of cars in Egypt in foreign currency. The Public Prosecution has been notified of this matter, and it is currently investigating.

He continued: “There are clear and specific assignments by the Prime Minister regarding presence in the markets, controlling prices, and achieving discipline,” noting that there are intensive campaigns carried out by the agency.