CBE removes cap on deposit, withdrawal of companies

CAIRO – 28 November 2017: The Central Bank of Egypt (CBE) issued a decision Tuesday to cancel maximum limits on cash deposit and withdrawals for companies importing non-essential products.

The central bank stopped a deposit cap for companies set at $10,000 per day and $50,000 per month, in addition to a withdrawal limit at $30,000.

These restrictions were imposed by the CBE in a circular issued November 3, 2016, the day it floated the Egyptian pound.

Egypt's central bank issued a similar decision in June to remove the cap on international currency transfers. Before that decision, there was a $100,000 limit on transfer per year for individuals and companies, except for import orders, since February 2011.