Egypt al­lows banks to sell US dol­lars

China Daily (USA) - - BUSINESS -

Egypt’s cen­tral bank has al­lowed lenders to sell US dol­lars to clients seek­ing to repa­tri­ate prof­its, fur­ther eas­ing cur­rency re­stric­tions in an ef­fort to bring back for­eign in­vestors and re­viveNorth Africa’s big­gest econ­omy. Banks were given the green light to sell 50 per­cent of their ex­cess for­eign cur­rency after meet­ing the needs of pri­or­ity im­porters, ac­cord­ing to seven bankers who said they re­ceived ver­bal in­struc­tions from the cen­tral bank onMon­day.

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