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

‘The Show Goes On’: Theatrical Performances Feature Stories of Women in Egypt

Engy AdhamOctober 18, 2017

Climate Change Triggered Social Unrest in Ancient Egypt: Study

Egyptian StreetsOctober 18, 2017

13 Egyptian Businesses Make Forbes’ Top List of Arab Startups

Egyptian StreetsOctober 17, 2017

About 276 Killed in Deadly Truck Bombings in Mogadishu, Somalia

Egyptian StreetsOctober 17, 2017

#MeToo: Egypt Joins The Global Trend To Speak Up About Sexual Abuse

Egyptian StreetsOctober 16, 2017

Cairo World’s Most Dangerous Megacity for Women 2017: Poll

Egyptian StreetsOctober 16, 2017

Remains of King Ramses II Temple Uncovered in Egypt’s Abusir

Egyptian StreetsOctober 16, 2017

Egypt Records 13.9 Percent Growth in Agricultural Exports Since January

Egyptian StreetsOctober 16, 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.

© 2017 Egyptian Streets. All Rights Reserved.