Egypt will loosen restrictions on foreign currency transfers, according to Central Bank Governor Hisham Ramez.
"The Egyptian government will take further steps during the coming period toward easing restrictions on the transfer of funds in foreign currency abroad," the CBE governor told Al- Watan newspaper.
Following the beginning of the 25 January uprising, the CBE set tough restrictions against transfering money outside of Egypt, in an attempt to stem the financial chaos that happened when the country fell into political disorder. The CBE had earlier eased restrictions in January 2014.
Meanwhile, Ramez revealed that the CBE will repay US$1 billion in the form of bonds due in 4Q15 during the current year, which is the remaining amount of the Qatari’s debt, financial newspaper Al-Mal reported.
"We don't negotiate with the Qatari side over new aid or over extending bonds’ due date," Ramez told Al-Mal.
Egypt's net foreign reserves has fallen $1.58 billion in the last two months.
Egypt has returned $7 billion deposits form Qatar under president Mohammed Morsy, who was overthrown on 3 July 2013. Qatar had given Egypt the money under the Muslim Brotherhood president, but following his ouster, the new military government refused Qatar's support and vowed to return the money.
