Regulatory Alerts2016-03-07
A circular dated January 26, 2016 regarding amending the maximum limit for cash deposits in foreign currency
The document is a letter from the Governor of the Central Bank of Egypt to the Chairman of the Board of Directors of a bank, informing them of a decision made by the Central Bank's Board of Directors on January 20, 2016, to enhance confidence in the national economy and regulate foreign currency transactions. The decision includes increasing the maximum limit for cash deposits in foreign currencies for legal entities to USD 250,000 per month for importing essential goods and products, such as food items, production machinery, and pharmaceuticals. The letter also mentions that the previous instructions regarding a maximum limit of USD 10,000 per day and USD 50,000 per month for cash deposits in foreign currencies by individuals and other legal entities remain unchanged.