Black Market for Dollars Dries Up as Egypt Limits Bank Deposits
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Egypt’s black market for dollars has stalled, threatening to cut off company access to the greenback, after the central bank ordered the country’s lenders to place a limit on dollar deposits.
Four currency-exchange businesses surveyed by Bloomberg on Thursday said sales of the American currency have stopped because of a lack of demand. The central bank on Wednesday ordered lenders to limit companies’ and individuals’ dollar deposits to $50,000 per month, the state-run Ahram newspaper reported.