Cairo – Mubasher: The Central Bank of Egypt (CBE) decided to raise the maximum monthly limit on cash deposits to $250,000 or its equivalent of other hard currencies.
Meanwhile, it didn’t impose any maximum daily limit on foreign currency cash deposits.
These measures are applied in respect to legal personality in order to meet their needs of foreign currencies required for export deals of strategic commodities.
Early 2015, CBE introduced new restrictions regards foreign currency cash deposits, where individuals and companies weren’t able to deposit over $10,000 in a day and $50,000 a month in Egypt's bank.
The move aimed to curb black market which gained ground in the past years as regulators protected the pound following the country's January 2011 uprising.
