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CBE: New decision lures more foreign investments to Egypt

Thursday 15-06-2017 - 03:33 PM
News Agencies
The Governor of the
The Governor of the Central Bank of Egypt Tarek Amer
Cairo - Tarek Amer, the Governor of the Central Bank of Egypt, stressed on Wednesday that the decision to cancel all limits on foreign cash transfers will come into effective as of today.
This means that investors can start as of today transferring their profits abroad without any restrictions, Amer told Middle East News Agency (MENA).
This move is tantamount to an announcement of the end of all problems of the Egyptian economy and it really reflects the strength of Egypt's monetary status, he added.
He said there are no fears on cash reserves as they surpassed 31 billion dollars for the first time in seven years.
The decision comes as part of the economic reform plan carried out by Egypt as of last year, he said, stressing that a decision will help lure more foreign investments and Egyptian expatriates' savings.
After the 2011 revolution, the central bank imposed a $100,000 monthly limit on individual bank transactions in a bid to crush the black market that had sucked foreign currency out of the formal banking system.

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