CAIRO Jan 7 The Egyptian central bank has
relaxed restrictions on foreign currency transfers abroad, a
central bank official said on Tuesday, allowing individuals to
make a one-time transfer abroad of up to $100,000 this calendar
Under currency transfer restrictions brought in after the
2011 uprising against Hosni Mubarak, the central bank set an
open-ended $100,000 limit on the amount of hard currency an
individual could transfer abroad.
A central bank letter circulated to banks on Monday and
posted on the bank's website said the change would take effect
from January 2014 and could not be applied retroactively. It
aimed to "facilitate bank dealing and meet customer needs".
The central bank said the change applied only to 2014,
without saying what system would apply after that. Under the old
regulations, individuals could transfer only a total of $100,000
in foreign currency throughout their lives, the central bank
official said, speaking on condition of anonymity.
Egypt's foreign currency reserves have been under pressure
since the 2011 uprising. The central bank said on Monday
reserves had dipped to $17.032 billion in December from $17.766
billion in November - less than half their level on the eve of
the 2011 uprising.
The reserves dropped as low as $13.424 billion in March of
last year, below the $15 billion needed to cover three months
worth of imports.
Some relief came in July after the army deposed President
Mohamed Mursi and Saudi Arabia, Kuwait and the United Arab
Emirates - states hostile to his Muslim Brotherhood group -
pledged $12 billion in aid to Cairo.
(Writing by Tom Perry; Editing by Larry kIng)