{"id":637931,"date":"2017-11-29T04:04:11","date_gmt":"2017-11-29T04:04:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/29\/cbe-lifts-caps-on-usd-deposits-and-withdrawals\/"},"modified":"2017-11-29T04:04:11","modified_gmt":"2017-11-29T04:04:11","slug":"cbe-lifts-caps-on-usd-deposits-and-withdrawals","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/29\/cbe-lifts-caps-on-usd-deposits-and-withdrawals\/","title":{"rendered":"CBE lifts caps on USD deposits and withdrawals"},"content":{"rendered":"

<\/a> CBE lifts caps on USD deposits and withdrawals: <\/strong>The central bank announced yesterday<\/a> that it has lifted all previously-imposed restrictions on USD deposits and withdrawals for importers of non-essential goods. The central bank had set a deposit limit of USD 10k a day to a maximum of USD 50k a month (and a withdrawal limit of USD 30k a month) back in 2015 to control the flow of foreign currency at a time of severe shortage. \u201cWe saw it as appropriate to remove the caps today because the market has strengthened, our foreign-currency resources have increased,\u201d CBE sub-governor Rami Aboul Naga tells Bloomberg<\/a>.<\/p>\n

\u201cThe move is another sign that bank liquidity is improving as a result of Egypt\u2019s USD 12 <\/strong>bn, three-year IMF program and a currency flotation<\/strong> that halved the EGP\u2019s value and helped crush the black market for USD,\u201d Reuters notes<\/a>. FX reserves have been on a steady rise since then, climbing to a high<\/a> of USD 36.703 bn at the end of October. This continued improvement had prompted the CBE back in June<\/a> to scrap all caps on overseas bank transfers, which had been set at USD 100k per client.<\/p>\n

Analysts are nodding in agreement with the decision. <\/strong>Pharos Holding COO Angus Blair said the decision is \u201ca confidence building measure that shows the private sector that things are back to normal.\u201d The question now is, though, \u201cwhether this would have an impact on the exchange rate,\u201d Naeem Brokerage\u2019s head of research Allen Sandeep tells the newswire.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBE lifts caps on USD deposits and withdrawals: The central bank announced yesterday that it has lifted all previously-imposed restrictions on USD deposits and withdrawals for importers of non-essential goods. The central bank had set a deposit limit of USD 10k a day to a maximum of USD 50k a month (and a withdrawal limit […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-637931","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"6c765b25-9e78-4582-9fd0-962d40b435a6","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[637922],"teaser":"","voice_url":""},"yoast_head":"\nCBE lifts caps on USD deposits and withdrawals - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/29\/cbe-lifts-caps-on-usd-deposits-and-withdrawals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE lifts caps on USD deposits and withdrawals\" \/>\n<meta property=\"og:description\" content=\"CBE lifts caps on USD deposits and withdrawals: The central bank announced yesterday that it has lifted all previously-imposed restrictions on USD deposits and withdrawals for importers of non-essential goods. The central bank had set a deposit limit of USD 10k a day to a maximum of USD 50k a month (and a withdrawal limit […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/29\/cbe-lifts-caps-on-usd-deposits-and-withdrawals\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-11-29T04:04:11+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/29\/cbe-lifts-caps-on-usd-deposits-and-withdrawals\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/29\/cbe-lifts-caps-on-usd-deposits-and-withdrawals\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"CBE lifts caps on USD deposits and withdrawals\",\"datePublished\":\"2017-11-29T04:04:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/29\/cbe-lifts-caps-on-usd-deposits-and-withdrawals\/\"},\"wordCount\":258,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/29\/cbe-lifts-caps-on-usd-deposits-and-withdrawals\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/29\/cbe-lifts-caps-on-usd-deposits-and-withdrawals\/\",\"name\":\"CBE lifts caps on USD deposits and withdrawals - 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With reserves at a comfortable level, the CBE has begun unwinding FX crisis-era measures to restrict outflows, including repealing caps\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":646490,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/15\/cbe-lifts-restrictions-on-usd-bank-transfers-abroad\/","url_meta":{"origin":637931,"position":2},"title":"CBE lifts restrictions on USD bank transfers abroad","author":"enterpriseam admin","date":"15 June 2017","format":false,"excerpt":"The central bank has officially scrapped all caps placed on bank transfers abroad. The central bank instructed that all restrictions on transfers to bank accounts abroad be removed starting from yesterday, but noted that banks must maintain their regular know-your-customer (KYC) protocols. Since January, the central bank had been imposing\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570382,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/30\/cbe-temporarily-sets-daily-limit-on-bank-atm-cash-withdrawals-and-deposits\/","url_meta":{"origin":637931,"position":3},"title":"CBE temporarily sets daily limit on bank, ATM cash withdrawals and deposits","author":"enterpriseam admin","date":"30 March 2020","format":false,"excerpt":"CBE temporarily sets daily limit on bank, ATM cash withdrawals and deposits: The Central Bank of Egypt (CBE) decided yesterday to impose a temporary cap on daily cash withdrawals and deposits from banks and ATMs, according to an official statement (pdf). 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