Chambers of Commerce praise lifting limits on dollar withdrawals

CAIRO – 29 November 2017: The Federation of Egyptian Chambers of Commerce (FECC) appreciated the Central Bank of Egypt’s (CBE) decision to remove the maximum limits imposed on cash deposits and withdrawals for companies importing non-essential products.

“We very much value the cancelling as we long demanded it after the stable position of the dollar reserves in banks,” FECC Secretary General Alaa Ezz told MENA on Tuesday.

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.

Ezz expects the interest rate will decrease in light of the improvement in foreign reserves to its highest level since the January 25 revolution, adding “the dollar prices will reach parity with the pound and thus will reduce the cost of commodities.”

On his part, Head of Importer’s division at FECC Hamdi Al-Najjar described the act as a move on the right track.

He praised the CBE’s policies saying it is flexible pointing out the decision will push buying and selling transactions in the market.