{"id":578388,"date":"2022-12-27T04:00:02","date_gmt":"2022-12-27T04:00:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/this-morning-central-bank-announces-exemptions-for-fx-withdrawal-limits\/"},"modified":"2022-12-27T04:00:02","modified_gmt":"2022-12-27T04:00:02","slug":"this-morning-central-bank-announces-exemptions-for-fx-withdrawal-limits","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/this-morning-central-bank-announces-exemptions-for-fx-withdrawal-limits\/","title":{"rendered":"THIS MORNING: Central bank announces exemptions for FX withdrawal limits"},"content":{"rendered":"

Good morning, good people:<\/strong> We\u2019re continuing our 2022 rewind today, looking back at the year in M&A, investment and capital markets.<\/p>\n

PSA: You\u2019re reading the penultimate EnterpriseAM issue of 2022.<\/strong> We\u2019re giving ourselves a well-earned three-day weekend to take us into the New Year, meaning that Wednesday will be the final time we appear in your inboxes this year.<\/p>\n

<\/a> It\u2019s official: There are exceptions for FX withdrawal limits. <\/strong>The Central Bank of Egypt yesterday confirmed (pdf)<\/a> reports that people withdrawing FX overseas for medical or educational purposes will be exempt from withdrawal limits. The central bank introduced the withdrawal limit last Thursday<\/a> as part of efforts to address a growing shortage of foreign currency in Egypt and crack down on the parallel market. The limits were prompted, it said, by a spike in the number of people in Egypt using bank cards to withdraw FX overseas<\/p>\n

Just how much has been leaving the country?<\/strong> The bank said that it recorded up to USD 55 mn in withdrawals in a single day, almost five fold the average withdrawals recorded this time last year. Banque Misr has seen customers withdraw USD 10 mn a day using bank cards this month, up from USD 600k usually, according to bank chief Mohamed Eletreby, who described the withdrawals as \u201cabuse of the state\u2019s hard currency assets,\u201d during an interview on Kelma Akhira last night (watch, runtime: 20:01<\/a>).<\/p>\n

QUAKE WATCH- A magnitude 5 earthquake took place in the Gulf of Suez in the early <\/strong>hours of the morning<\/strong>, according to the National Seismological Network<\/a>. Tremors were felt as far away as Cairo, Beni Suef and Sohag but no casualties or damage to buildings have been reported, Al Masry Al Youm<\/a> reported.<\/p>\n

HAPPENING THIS WEEK-<\/strong><\/p>\n

Israel\u2019s far-right government could be sworn in Thursday:<\/strong> <\/em>Israeli PM-elect Benjamin Netanyahu will push to swear in his new coalition government on Thursday, the Times of Israel<\/a> reported yesterday. The Likud leader last week reached an agreement<\/a> to form a coalition with several far-right nationalist and religious parties, putting the country on the verge of the most extreme government in its history.<\/p>\n

enterprise<\/p>\n

THE BIG STORY ABROAD-<\/strong><\/p>\n

As virus cases surge, China is pushing ahead unwinding zero-covid rules: <\/strong>China is scrapping its quarantine requirement for travelers starting 8 January as it continues to end its strict virus curbs<\/a>. Arrivals to China have been forced to undergo a mandatory quarantine since March 2020, which initially lasted three weeks but has since been reduced to the current five days. The announcement comes despite Chinese hospitals now operating at full capacity as the unwinding of restrictions causes the virus to sweep through the country. (Reuters<\/a> | Bloomberg<\/a> | BBC<\/a> | WSJ<\/a> | FT<\/a>)<\/p>\n

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Good news for car ins. policyholders:<\/strong> Ins. companies will now only be able to write off a vehicle when the repair bill exceeds 50% of the cost of the policy, under new regulations<\/a> introduced by the Financial Regulatory Authority to protect policyholders. Also under the new rules:<\/p>\n