CBE eases de­posit cap for im­porters

Business monthly (Egypt) - - THE NEWSROOM -

A regulation that has proved par­tic­u­larly un­pop­u­lar among im­porters was par­tially rolled back on Jan. 26, when the Cen­tral Bank raised the for­eign cur­rency cash de­posit limit to $250,000 per month for im­porters of es­sen­tial goods. Un­der reg­u­la­tions in­tro­duced in Fe­bru­ary of 2015, the CBE pro­hib­ited cus­tomers from mak­ing cash bank de­posits of more than $10,000 per day and $50,000 per month. The de­posit cap was in­tended to kill the par­al­lel cur­rency mar­ket by mak­ing it im­pos­si­ble for im­porters and other busi­nesses to bring black mar­ket dol­lars

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