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Egypt’s CBE lifts foreign currency caps on importers of non-essential goods

by ChemOrbis Editorial Team -
  • 30/11/2017 (15:12)
According to media reports, the Central Bank of Egypt has lifted the monthly cap on foreign currency deposits and withdrawals for importers of non-essential goods on Tuesday, which was interpreted as a sign of improving dollar liquidity in Egyptian banks.

Egypt’s Central Bank introduced caps on importers in November 2016 after Egypt’s Chamber of Commerce banned the import of more than 50 types of non-essential goods in October 2016. Deposits were not supposed to surpass $50,000 and withdrawals $30,000 per month, with a daily limit of $10,000, in an attempt to eliminate the foreign currency black market and cope with the country’s foreign exchange crisis.

The CBE removed limits on individuals withdrawing or depositing foreign currency at banks by March 2017.

In November 2016, the CBE floated the pound and raised key interest rates as part of a set of reforms to ease the dollar shortage.
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