News

Egypt’s Central Bank Removes Limits on Currency Transfers

Egypt’s Central Bank Removes Limits on Currency Transfers

Central Bank of Egypt (CBE) has decided to remove the limits imposed on the international currency transfers for the individual bank transactions, according to a statement released by the bank on Wednesday.

Prior to the decision, the maximum limit of currency transfer abroad was $US 100,000 or its equivalent from other currencies only once per year.

The limitation of currency transfer was first imposed on Feb. 13, 2011.

According to the statement, this step was taken in light of Egypt’s steady steps towards achieving its economic reform program. Also, in order to enhance confidence in Egypt’s economy.

The limits hindered, for years, investors from repatriating their profits. Only a small faction was excluded from the decision including profits of foreign investors that resulted from their investments in Egypt, transactions of foreign companies operating in Egypt and any business related to importing.

CBE’s governor Tarek Amer stressed that this decision will strengthen investments, adding that it is a part of the economic reform program undertaken in November 2016.

Several national banks have already started the implementation of the decision, including Banque du Caire and Bank Misr.

In November 2016, CBE took multiple measures including the flotation of the Egyptian Pound against all foreign currencies. It was a step to combat the economic turmoil that hit Egypt following the 25 January 2011 revolution.

Red Sea Islands: Protests, Arrests, and Ruling Declaring Transfer Void Still Valid
The Evolution of Dirt

Subscribe to our newsletter


News

More in News

Egyptian MP Proposes 3-5 Years Imprisonment As Penalty for Domestic Violence

Egyptian StreetsJanuary 26, 2021

Egypt Starts Vaccinations for Frontline Medical Workers

Egyptian StreetsJanuary 25, 2021

Upgrades of Egypt’s Railways To Be Completed By End of 2021, says Sisi

Noran Alaa MorsiJanuary 24, 2021

Egypt’s Public Prosecution Orders Release of Fairmont Crime Witness Ahmed Ganzoury

Egyptian StreetsJanuary 23, 2021

‘Cairo Eye’ to be Largest Observation Wheel in Africa

Egyptian StreetsJanuary 22, 2021

Egypt Introduces 20 Years Imprisonment for Female Genital Mutilation

Egyptian StreetsJanuary 21, 2021

Joseph R. Biden Sworn In as 46th US President

Egyptian StreetsJanuary 20, 2021

Egypt and Qatar Reinstate Diplomatic Ties

Egyptian StreetsJanuary 20, 2021