The Federation of Egyptian Industries (FEI) is negotiating a meeting with Central Bank of Egypt (CBE) Governor Hisham Ramez on a law proposing a cashless society, FEI head Mohamed El-Sewedy said.
El-Sewedy told Daily News Egypt the FEI has, as yet, been unable to meet the CBE governor, with further meetings on the cards, but also as yet unscheduled.
“The draft law will help in stabilising the Egyptian economic market and will organise the market and the economic procedures, as what happened in organising dollar prices and combating corruption,” El-Sewedy said. “The lack of restrictions in Egypt on cash is one of the main tributaries of terrorism financing and tax evasion because cash movement is not controlled by the government or security agencies.”
He explained that taking tight steps to ban those funds or cash circulation and make it only through banks will enable government agencies to control and limit illegal financial transactions.
El-Sewedy added that the law is for controlling money laundering and corruption, not for placing burdens or restricting exporting or industry.