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Egypt’s Central Bank limits dollar deposits to defend the pound

by ChemOrbis Editorial Team - content@chemorbis.com
  • 09/02/2015 (18:03)
According to media reports, the Central Bank of Egypt (CBE) will apply some limitations on US dollar deposits in order to defend the pound. The move is also said to be designed to discourage black market dollar trading as the government has been trying to close the differential between the official and black market exchange rates for some time.

In line with the recent limitations, the individuals and companies will not be allowed to deposit over $10,000 per day or $50,000 per month in Egypt’s banks, with media reports adding that the rate is expected to remain unchanged at this level until March.

As of the time of press, the Egyptian pound was trading at around 7.63 to the dollar while black market rates were said to be around 7.8 to 7.9 against the dollar.
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