The financial crisis is over and 2018 will see a boom, said Governor of the Central Bank of Egypt Tarek Amer. The banking system controls foreign exchange in Egypt and the economic sector can operate in a respectful manner away from seeking [foreign] currencies,” he said, stressing that the currency crisis has ended and will not return. He pointed out that the banking system is financing large projects, including a LE500 billion desalination project. The Central Bank aims for the flow of cash into the economy without any constraints or restrictions, Amer mentioned. The bank is reviewing the maximum daily withdrawal limit from banks for customers, which currently stands at $100,000.

Source: Egypt Independent May 17, 2017 09:33 UTC