Egypt lifts limit on foreign currency transfers

2017-06-15 20:57

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Cairo - Egypt's central bank says it has lifted a $100 000 annual cap for foreign currency transfers abroad, signaling progress toward easing a dollar shortage and potentially strengthening investor confidence.

Egypt set the cap in early 2011, after a popular uprising forced longtime President Hosni Mubarak to step down. Years of unrest since then have crippled the local economy, including the vital tourism sector, and weakened the Egyptian pound.

Egypt floated its currency in November to meet a key demand from the International Monetary Fund, which provided a $12bn loan to support the government's reform program.

Central bank governor Tarek Amer announced the lifting of the currency transfer cap on Wednesday, saying it would contribute to attracting foreign investment.

Read more on:    hosni mubarak  |  egypt  |  north africa

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