News

Egypt Lifts Limit on Foreign Currency Withdrawal

Egypt Lifts Limit on Foreign Currency Withdrawal

egymon

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


News

More in News

A pharmacist searches for medicine at a pharmacy in Cairo, Egypt, November 17, 2016. REUTERS/Mohamed Abd El Ghany

Egyptian Military Forms Pharmaceutical Company

Egyptian StreetsJanuary 23, 2017
Egypt's military prepares ahead of new operations against militants in Sinai

Five Soldiers Killed in Ambush in Egypt’s North Sinai

Egyptian StreetsJanuary 23, 2017
61320490

Egypt Knocked Out of Handball World Championships

Egyptian StreetsJanuary 23, 2017
egypt

Egypt Defeats Uganda in African Cup of Nations

Egyptian StreetsJanuary 22, 2017
Egypt's Karim Abdel Gawad and France's Camille Serme

Egypt’s Karim Abdel Gawad Wins Tournament of Champions in New York

Egyptian StreetsJanuary 21, 2017
22.jpg.crop_display

Cairo Court Lists Egyptian Football Legend Aboutreika on Terror List

Egyptian StreetsJanuary 19, 2017
32385636795_e6f5d7101d_z

Egypt Secure Spot in Knockout Stage at 2017 Handball World Championship

Egyptian StreetsJanuary 19, 2017
1073779_big-lnd

Egypt’s Essam El-Hadary Makes African Cup History

Egyptian StreetsJanuary 18, 2017
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.