May 24, 2018

Egypt lifts FX transaction caps for individuals

Egypt’s central bank removed caps on Tuesday on how much individuals can withdraw or deposit in foreign currencies at banks, a move aimed at boosting liquidity in a market that has been starved of dollars.

Egypt, which relies heavily on imports, has been wrestling with a currency crisis and struggling to revive its economy since a 2011 uprising drove away foreign investors and tourists, both major sources of hard currency.

Reserves have tumbled from $36 billion in 2011 to $16.5 billion at the end of February and the central bank has been rationing dollars through weekly auctions.

The move eased restrictions that were imposed a year ago for individuals but the central bank said it would keep them in place for companies while the currency crisis persists. Read more

 

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