Egypt’s Central Bank removes cap on deposit, withdrawal of companies

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