The Central Bank of Egypt (CBE) has withdrawn licenses of 14 exchange offices for violating law, said deputy governor of the CBE Gamal Negm on Wednesday.

It is the job of the CBE to control the banking market, Negm said on the fringe of a conference on financial inclusion, noting that the 14 companies had repeated their mistakes.

Negm also stressed the importance of the financial inclusion conference, believing it will strengthen the presence of small and medium-sized enterprises (SMEs), which will accordingly help give the economy a shot in the arm.

He also touched upon the role played by the CBE and banks to support the SMEs.