The Central Bank of Egypt (CBE) on 6 January issued a circular authorizing commercial banks to transfer abroad up to $100,000 per year on behalf of each depositor.

The circular, issued by the CBE Governor Hisham Ramiz, came into immediate effect. It supersedes other circulars issued since the 2011 revolution which restricted transfers abroad to a maximum of $100,000 once in a life time only, on account of “the situation in the country.” (CONTINUED - 341 WORDS)