Egypt’s biting foreign currency shortages have prompted merchants, including real estate companies and car dealers, to start demanding payment in dollars. foreignexchange depreciation
Report: Withdrawal Limits for Egyptian Travelers Lowered as Banks Seek to Conserve Scarce Forex
According to a report, some Egyptian banks recently informed clients who plan to travel abroad that they can now only withdraw $2,000 or less. The banks have also lowered the amount of foreign exchange that clients can withdraw when abroad. Egypt’s ongoing shortage of foreign exchange has forced some merchants to start demanding payment in dollars.
At Commercial International Bank, clients intending to travel were reportedly told they could only withdraw forex which is equivalent to between $1,000 and $2,000. Another financial institution, First Abu Dhabi Bank, has reportedly lowered the withdrawal limit to the U.S. dollar equivalent of $518, or 10,000 pounds.merchants, including real estate companies and car dealers, to start demanding payment in foreign currency.
It would have been better for these companies to announce their new prices equivalent to the value of the product in dollars at the price adopted on the day of purchase or contract, rather than demanding customers pay in dollars since the banks will not accept that a customer deposits an unknown source foreign currency.has revealed that two of Egypt’s largest state-owned banks have now doubled the interest rate on US dollar saving certificates.
The report, which relies on the testimony of two unnamed sources, suggested the increases were in response to the central bank’s call on financial institutions to introduce products that shield against currency depreciation.Tags in this story
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