Skip to main content

Egypt's economists praise decision to lift caps on money transfers

The Central Bank of Egypt is hoping to stabilize the country’s economy with its decision to lift caps on foreign exchange transfers.
A customer exchanges U.S. dollars to Egyptian pounds in a foreign exchange office in central Cairo, Egypt, March 7, 2017. REUTERS/Mohamed Abd El Ghany - RTS11T3C
Read in 

Egypt’s economists have lauded a recent decision by the Central Bank to lift caps on foreign exchange transfers, saying that the decision sends positive messages about the country’s improving monetary conditions as well as restoring confidence in the national economy.

“The decision highlights that the dollar shortage that took place over the past few months is finally easing,” economist Ahmed el-Shami told Al-Monitor. Shami said that the decision will encourage investors to pump more money into the country and also prompt Egyptians abroad to freely transfer their money.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.