The Central Bank has issued instructions to all banks to accept cash deposits in foreign currency from export revenues from Libya, Syria, Sudan, Palestine, Iraq and Yemen, according Trade and Industry Minister Tarek Kabil.
The central bank had issued a decree in February limiting foreign currency cash deposits to US$10,000 per day or US$50,000 per month. It had also put restrictions on transferring foreign currency outside the country.
The minister said this was a major problem for local producers and exporters.
He said the new instructions oblige importers to submit documents proving that the deposits commensurate with the nature and size of the export activity, including the customs declaration of the amount and value of the exported goods endorsed by the Export/Import Control Authority and the Trade and Industry Ministry.
“We aim to restore growth rates of the Egyptian exports,” he said.
