Skip to content
Subscriber Only

Egypt Eases Curbs on Dollar Deposits as Black Market Rate Climbs

  • Deposit limit for some companies raised to $1 million
  • Move designed to address nation's growing dollar shortage
Updated on

Egypt increased the amount of foreign exchange that companies can deposit in banks, giving firms more leeway to buy cash on the black market.

Businesses that rely on imported components to produce goods for export can now keep as much as $1 million in monthly deposits, according to an e-mailed statement from the central bank late on Monday. That’s an increase from a previous cap ranging from $50,000 to $250,000. Companies have three months to show their export proceeds are at least equal to the amount deposited, the regulator said.