The Central Bank of Egypt (CBE) decided on Tuesday to cancel maximum limits on dollar cash deposit and withdrawals for companies importing non-essential products according to insightful sources.
The central bank halted a deposit cap for companies at $10,000 per day and $50,000 per month, in addition to a withdrawal limit at $30,000.
This came in an attempt to enhance the investors’ confidence in the Egyptian market and strengthen the capability on the foreign exchange trading with the availability of dollar liquidity and the existence of cash reserves that amount up to $36.7 billion.
Egypt’s central bank issued a similar decision in June to remove the cap on international currency transfers at $100,000, in addition it has canceled maximum limits on dollar cash deposit and withdrawals for companies importing essential products
