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Egypt’s economists laud new residency-for-deposits law

In an effort to bolster Egypt’s economy, parliament passed a law that grants residency to foreigners in return for bank deposits in hard currency.
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Egypt’s economists are lauding a new law that grants residency to foreigners in the North African country in return for bank deposits in hard currency. They say the new law will help ease the country’s foreign currency crunch and boost the national economy.

The law was approved April 27 by the Egyptian parliament’s Defense and National Security Committee with its head saying that it will serve Egypt’s interests and will not negatively affect national security.

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