The Central Bank of Egypt (CBE) decided to raise the cap on dollar deposits at banks to $1m per month, or its equivalent in other foreign currencies, with no limit on the daily deposits.

According to a CBE report, this applies only to corporations operating in the field of exports, and which have import requirements.

The new cap compares to the previous daily limit of $10,000 on dollar deposits, with a $50,000 monthly cap.

Nonetheless, the decision to raise the cap is contingent on a number of factors, including the compatibility between import requests and the size of deposits.

Another condition governing the applicability of the decision is that the importer benefiting from the decision must export products for at least the same amount of foreign currency, within a period not exceeding three months. The beneficiary must also provide adequate proof of such export operations.

If the latter condition is not met, the relevant bank must notify CBE of the client’s name and the affiliated institutions, placing the client on a list banning any future cash deposits by the client or their group.