IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 27 Nov 2017 | Removal date: open ended
Still in force

Controls on commercial transactions and investment instruments

On 27 November 2017, the government of Egypt eliminated the monthly limits on foreign currency deposits as well as withdrawals which ever since November 2016 were being imposed on imports of non-essential goods in Egypt.

Specifically, in 2016, the Central Bank of Egypt introduced a monthly cap of USD 50´000, on deposits related to transactions of imports of non-essential goods entering the Egyptian jurisdiction. In addition to the denoted, the Central Bank of Egypt in 2016, also introduced a cap on withdrawals related to import transactions of non-essential goods -- i.e. a cap amounting to USD 30´000 per month with a maximal daily limit of USD 10´000.

These highlighted deposit and withdrawal limitations were fully eliminated as of 27 November 2017.

Non-essential goods include the following product categories: processed fruits, oils, chocolate and dairy products, cosmetics, detergents, home appliances, furniture cloth, dental care products, stationery, mineral water and soft drinks. 

AFFECTED COUNTRIES

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