Egypt’s Cabinet Lifts Ban On Traveling With More Than US$ 10,000

Egypt’s Cabinet prepares a draft law allowing people to travel with more than US$ 10,000 in and out of the country as long as they declare it in a document provided for this purpose if the amount exceeds US$10,000 or its equivalent in foreign currency.

Egypt banned last December all travelers from carrying foreign currency that exceeds US$10,000, amid pressures over the pound that made Egyptians withdraw their savings from banks.

A high-level government source said that law will be issued within the next days so as to encourage businessmen and tourists to bring funds to the country.