Egypt showcases ambition, heritage at National Day Celebration in Expo Osaka    EGP inches lower against USD at Wednesday's close    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Egypt hosts international neurosurgery conference to drive medical innovation    World Bank proposes Egypt join new global health initiative    Egypt, India discuss expanding industrial, investment partnerships    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



CBE decides to raise maximum foreign currency deposit cap to $250,000 monthly
Decision applies only to companies to facilitate import operations of main and basic commodities
Published in Daily News Egypt on 26 - 01 - 2016

The Central Bank of Egypt (CBE) decided to raise the cap on maximum deposits in foreign currency in banks to $250,000 a month, or its equivalent in other foreign currencies.
The cap was previously $50,000, and has been changed in accord with the new instructions received by banks Tuesday. This decision applies only to companies to facilitate the import operations of main and basic commodities.
Daily News Egypt exclusively published news on 10 January that the Coordinating Council was considering raising the ceiling for foreign currency deposits for companies but leaving it in place for individuals.
The decision applies exclusively to companies that import basic rations or food commodities, machinery, production equipment and spare parts, intermediate goods, production inputs, raw materials, medicines, vaccines, and chemicals needed for their industries.
CBE set a maximum limit for foreign currency deposits for individuals and companies at banks on February 2015 of $10,000 a day and not exceeding $50,000 monthly. Because of this decision, the CBE was attacked by the business community, especially from importers of non-basic commodities since this decision limited their ability to finance import operations, especially since banks do not finance the import of such commodities.
The CBE's new instructions stipulated raising the maximum limit for dollar deposits for juridical persons to meet requirements for import operations up to $250,000 a month without a maximum daily deposit.
The decision does not apply to natural persons that import goods other than those mentioned above. The CBE allowed companies to defer a part or all of the non-utilised balance of cash deposits during one month for use in the following month.


Clic here to read the story from its source.