Egypt Lifts Limit on Foreign Currency Withdrawal

Egypt Lifts Limit on Foreign Currency Withdrawal


Egypt’s Central Bank issued a decision on Wednesday lifting the ceiling on foreign currency withdrawals and deposits, reported state-media Al-Ahram.

The lifting of the ceiling applies to both individuals and companies, announced the Central Bank.

Previously, the ceiling prevented individuals from withdrawing more than $US 10,000 a day or depositing more than $US 50,000 a month.

For companies, the ceiling prevented companies importing certain goods from depositing more than $US 250,000 a month and exporting companies from depositing more than $US 1 million.

However, restrictions still remains on the buying of foreign currency across Egypt’s banks. Exemptions apply for companies and individuals importing certain goods or for individuals with particular circumstances.

Egypt has been struggling to regain its rapidly depleting foreign currency reserves since the ouster of Hosni Mubarak in 2011. In the five years since, Egypt’s foreign reserves have gone down more than 50 percent, from USD 36 billion to USD 16.477 billion as of last month.

Telecom Egypt Employees Protest Against Lowered Bonuses as Company Announces Record Profits
British Travel Agency Extends Ban on Direct Flights to Egypt’s Sharm El Sheikh

Subscribe to our newsletter


More in News


Egypt Court Releases Mother of Suez FGM Victim, Postpones Trial to November

Egyptian StreetsOctober 20, 2016
John Kerry

US Shifts Over $100 Million of Aid Away From Egypt

Egyptian StreetsOctober 20, 2016

Egypt’s Mediation Efforts Secure Evacuations, Delivery of Humanitarian Aid, Says Foreign Ministry

Egyptian StreetsOctober 20, 2016
A worker sells subsidized food commodities at a government-run supermarket in Cairo, Egypt, Feb.14, 2016 (Photo: Reuters)

Egypt to Consider Boosting Subsidies to Shield Low-Income Citizens from Hardships of Economic Reform

Egyptian StreetsOctober 19, 2016
An Egyptian supporter waves a national flag during the World Cup qualifying playoff second leg soccer match, at the Air Defense Stadium in Cairo, Egypt, Tuesday, Nov. 19, 2013 (Photo: AP)

Egypt to Reopen Stadiums to Soccer Fans for World Cup Qualifier

Egyptian StreetsOctober 19, 2016
Egypt's military prepares ahead of new operations against militants in Sinai

43 Terrorists Killed in Egypt Military Operations

Egyptian StreetsOctober 19, 2016
Archive photo

Police Conscript Shoots Dead Police Officer in Egypt Following Quarrel

Egyptian StreetsOctober 18, 2016
The Great Pyramid of Giza (Pyramid of Khufu)

Scans Uncover ‘Cavities’ in Egypt’s Great Pyramid

Egyptian StreetsOctober 18, 2016
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2016 ES Media UG. All Rights Reserved.