Egypt eases restrictions on foreign currency for importers
{{#rendered}} {{/rendered}}
Egypt has raised the limit of how much foreign currency importers of essential goods can deposit in the bank, in a move that will be welcomed by businesses.
In a statement on Tuesday, the Central Bank said it would now allow deposits of up to the equivalent of $250,000 a month, up from a previous limit of $50,000, for the import of basic food commodities, industrial equipment, raw materials for production and medicines.
The bank had imposed the limits last year as part of moves to squash a black market for dollars, but it left many importers unable to obtain enough to pay for imported goods.
{{#rendered}} {{/rendered}}
Egypt's economy is still reeling from years of turmoil following the 2011 toppling of longtime autocrat Hosni Mubarak.