Egypt Scraps Individual Dollar Deposit Limits Amid Shortage
- Central bank leaves caps in place for corporate bank accounts
- Decision comes after pound falls to record low in black market
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Egypt removed restrictions on the amount of foreign currency individuals can deposit and withdraw from banks, as authorities seek to ease the damage from an intensifying dollar shortage.
Banks are still required to maintain caps on corporate accounts, Egypt’s central bank said in a statement on its website on Tuesday. The regulator had limited foreign currency deposits to $50,000 per month since February last year, before easing the rule for some companies in January to allow them to deposit up to $1 million a month.