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CAIRO – 18 June 2017: The Central Bank of Egypt’s decision last week to remove the cap on international currency transfers is considered positive for investments, several insiders told Egypt Today.
Chairman of the National Bank of Egypt (NBE) Hisham Okasha told Egypt Today that removing banking restrictions will benefit banking transaction yields and investment levels.
“The decision will also have positive impact on economic indicators and boost investors’ confidence,” Okasha said.
Also, Deputy Head of the Building Materials Chamber at the Federation of Egyptian Industries (FEI) Kamal el-Desouky praised the move, stating that it will benefit the banking and industrial sectors.
Desouky explained that foreign companies operating in Egypt will be allowed to send back profits to their home countries.
The CBE decided Wednesday to remove limits on international currency transfers.
"It was decided to permit banks to execute their clients' orders to make transfers abroad without maximum limits," the bank said in a statement.
Before that decision, there was $ 100,000 limit of transfer per year for individuals and companies, except for import orders, since February 2011.