The Central Bank of Egypt (CBE) has lengthened the time period required for the transfer of large amounts of money from two days to five days, in an attempt to prevent government officials and businessmen from transferring illegally-obtained funds out of the country.
The decision pertains to transfers of US$100,000 or more, with the exception of transfers for import payments.
However, economy expert Sherif Sami warned that this might raise concerns among foreign investors worried about the repatriation of their funds.
“The movement of money must be free under any circumstances,” Sami said.
Sources at the former cabinet, who have dubbed themselves the “moderate national trend,” said that certain politicians and businessmen were trying to transfer money to Europe and the United States via banks and foreign individuals.
Translated from the Arabic Edition.
