Central Bank of Egypt to set limits on deposits in dollar

The Central Bank of Egypt (CBE) decided Wednesday in its meeting with banks’ leaders to put limits on dollar’s deposits, not more than US$10,000 per day and $50,000 per month, for both individuals and Corporates.  
The decision came among the CBE’s efforts to fight the dollar black market and to force importers to get dollars from banks rather than market black.
The CBE sold $38.4 million at its FX auction Tuesday at LE7.5301 per dollar, the weakest level it has been allowed to reach since the auctions began in December 2012.
A trader on the unofficial market said the pound was changing hands at LE7.95 pounds per dollar on Wednesday, down from the rate of LE8.00 quoted a day earlier, according to Reuters.

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