Skip to content

Filter Options
Text :
Search Criteria :
Territory/Country :
Product Group/Product :
News Type :
My Favorites:
 

Egypt raises foreign currency deposit cap for exporters

by ChemOrbis Editorial Team - content@chemorbis.com
  • 16/02/2016 (11:29)
According to local media sources, as of February 15, Egypt’s Central Bank raised its monthly cap on foreign currency deposits at banks to $1 million for exporting companies.

The new rules require firms to earn within three months foreign revenues through their exports equivalent to the sum they deposit to finance imports of components.

Egypt has been struggling to restore its economic growth since an uprising in 2011, which hindered tourism income and foreign investment, two major sources of foreign currency for the import-dependent country in order to finance its purchases of everything from wheat to cars.

Last month, the central bank raised the cap on foreign currency deposits by fivefold to $250,000 for essential food, medicine and raw materials, relieving some pressure. However, manufacturers, including General Motors, continued to feel the pinch and have had to pause or slow their production.
Free Trial
Member Login