Скачать или смотреть Egypt's Central Bank lifts limits on foreign exchange transfers

Egypt's central bank has lifted limits on foreign-exchange transfers, indicating that a dollar shortage that hampered economic activity is abating. The announcement allows banks to push through transactions that were capped at $100,000 shortly after the 2011 uprising. The crunch eased after the central bank floated the pound in November and Egypt secured a $12 billion International Monetary Fund loan that helped attract foreign investors. Reserves rose 9% in May from the previous month to $31.1 billion, the highest level since February 2011. The central bank had already allowed commercial lenders to repatriate dividends and eased restrictions on the use of debit and credit cards abroad. Since the float, the pound weakened by about half against the dollar, causing inflation to spike to the highest level in decades.


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