Egyptian authorities have seized cases of illegal foreign currency trading worth an estimated 9 million pounds, in a coordinated effort to tackle the so-called “foreign exchange mafia.”
The Ministry of Interior’s Public Security Sector, working alongside the General Administration for Combating Financial Crimes and local security directorates, carried out the operations over a 24-hour period.
Officials say the raids targeted networks involved in concealing foreign currency and trading it outside official banking channels.
These illicit activities, authorities warn, pose a serious threat to Egypt’s national economy by disrupting currency circulation and fueling speculation.
The seizures form part of a broader government crackdown on financial crimes and illegal money dealings.
A ministry spokesperson emphasized the importance of these measures, noting that “combating illegal foreign currency trading protects national economic stability and ensures the integrity of the official banking system.”
The crackdown comes amid ongoing efforts to stabilize the Egyptian pound and prevent black-market activity that has affected exchange rates and financial markets in recent months. Security forces confirmed that further operations are planned to dismantle other networks suspected of similar practices.
The Public Security Sector said that the coordinated approach involves intelligence-led investigations, surveillance, and immediate enforcement actions, reflecting a zero-tolerance stance on financial crimes.
Authorities have also urged the public to report suspicious foreign currency transactions and to rely solely on official banking channels.
This latest operation underscores Egypt’s commitment to curbing economic crimes and maintaining confidence in the national currency, while sending a strong message to individuals and groups attempting to exploit the foreign exchange system.
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