Egypt’s central bank has issued instructions to all banks to accept cash deposits in foreign currency from export revenues from Libya, Syria, Sudan, Palestine, Iraq and Yemen, Minister of industry said Wednesday.
In February, the central bank had issued a decree limiting foreign currency cash deposits to US$10,000 per day or US$50,000 per month. It had also put restrictions on transferring foreign currency outside the country.
Meanwhile, Minister Tarek Qabil said this was a major problem for local producers and exporters.
He said the new instructions oblige importers to submit documents proving that the deposits commensurate with the nature and size of the export activity, including the customs declaration of the amount and value of the exported goods endorsed by the country’s Export/Import Control Authority and the Ministry of Trade and Industry.
“We aim to restore growth rates of the Egyptian exports,” Egypt Independent news portal quoted Minister Qabil as saying.
