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Egypt Lifts Limits on Money Transfers as Dollar Crunch Eases

  • Banks get nod to process transactions without restrictions
  • Lifting restrictions shows improvement in FX availability
Photographer: Daniel Acker/Bloomberg
Updated on

Egypt’s central bank lifted limits on foreign-exchange transfers, indicating that a dollar shortage that hampered economic activity is abating.

Wednesday’s announcement allows banks to push through transactions that were capped at $100,000 shortly after the 2011 uprising that ousted President Hosni Mubarak, creating conditions for a black market to thrive. The crunch eased after the central bank floated the pound in November and Egypt secured a $12 billion International Monetary Fund loan that helped attract foreign investors.