Banks must comply with new controls for foreign exchange deposits: CBE

Hossam Mounir
1 Min Read
The Central Bank of Egypt’s (CBE) balances of foreign exchange reserves increased by $520m during June, registering $20.0797bn, compared to $19.5597bn in May. (Abdelazim Saafan/DNE Photo)

The Central Bank of Egypt (CBE) stressed that banks need to fully comply with all instructions given by the CBE on 6 and 8 March to regulate operations for foreign exchange deposits.

CBE said in a statement on Monday that it had monitored some individuals who made large cash deposits in foreign currencies, and used them to import non-essential goods and products through companies, which is a circumvention of the controls.

In March, CBE had cancelled limits on deposit and withdrawal of foreign currencies for individuals and companies working in the field of importing basic goods and products. The bank kept this limit as applicable to companies that import non-essential goods.


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