The Central Bank of Egypt (CBE) denied issuing any instructions to banks operating in the local market to stop dealing in Qatari riyal.

Some banks suspended trading in Qatari riyal on Monday following Egypt’s decision to cut diplomatic ties with Qatar.

In a statement to Daily News Egypt, the CBE stressed it did not forbid dealing in Qatari currency at Egyptian banks.

The Qatari riyal is not among the nine major currencies on the CBE currency exchange screens, which includes the US dollar, the Euro, the British pound sterling, the Swiss franc, the Japanese yen, the Chinese yuan, the Kuwaiti dinar, the UAE’s dirham, and the Saudi riyal.

The price of the Qatari riyal is now at EGP 4.49 for buying and EGP 4.98 for selling.

Egypt repaid $7bn worth of dues to Qatar at the end of July 2016.

The Qatari stock exchange fell 7.5% on Monday’s trading.

Businessman Naguib Sawiris called upon Egyptian investors to withdraw any investments they have from the Qatari market.