Informed sources revealed to Al-Rai that the Competition Protection Authority’s Disciplinary Board approved major financial penalties on about 16 exchange companies at once out of 20 companies that were accused of violating a monopoly agreement to unify the foreign exchange rate, which, from the point of view of the Agency and the Disciplinary Board, formed an alliance.
The sources reported that the financial fines imposed on the included companies ranged between 1, 3 and 5 percent of their total revenues achieved in their previous financial budget for the violation recorded between the fiscal year 2020 and 2022, indicating that the penalty was based on the fact that the included companies constituted a circumvention of fixing currency exchange rates.
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