Egypt restricts dollar withdrawals amid liquidity crunch
Egypt’s foreign reserves have fallen considerably amid the economic crisis and Russia-Ukraine war.
Banks in Egypt have reportedly started limiting what customers can withdraw.
Reuters reported Monday that some banks in Egypt have informed their account holders of limits on how much foreign currency — including dollars — they can withdraw before traveling or when using debit or credit cards overseas.
CNN Arabic and Al-Arabiya also recently reported that Egyptian banks are limiting dollar withdrawals.
Why it matters: Egypt’s foreign currency reserves have declined considerably this year amid the economic crisis in the country, falling 19% from January to July of this year.
