The Central Bank of Egypt (CBE) decided to remove the limits on deposits and withdrawals of foreign currencies for companies importing goods and basic products, whilst keeping the limits for imports of other non-essential goods, according to a press release Wednesday.
The maximum monthly deposit limit for companies was $250,000, exempting export companies, where the limit for them reached $1m. The daily withdrawal limit of foreign currencies for all companies was $30,000.
CBE’s new decision was put into practice on Wednesday 9 March.
CBE said the decisions are expected to provide goods and basic products for the Egyptian market, as well as enhance local trade and facilitate banking transactions for companies that work in the field of trading essential goods, in order to support sectors of industry and commerce.