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Monday, 19 June 2017

Egypt to remove caps on USD deposits entirely soon -Jarvis

The central bank will remove caps on USD deposits entirely in “the coming months,” IMF Egypt mission chief Chris Jarvis told Al Borsa. Importers of non-essential goods still face a USD 10k per day limit on deposits and can deposit no more than USD 50k per month. The IMF also welcomed the central bank’s removal of restrictions on USD transfers, which scrapped the cap of a USD 100k transfer per client per year, Jarvis said, adding that removing all restrictions on the flow of funds is part of the agreement with the IMF.

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