Egypt has banned travellers from carrying more than $10,000 in foreign currency cash in or out of the country, as officials worry over pressure on its pound currency and a rush by Egyptians to withdraw their savings from banks.
Political turmoil over the past month has raised fears among ordinary citizens that the government — which has pushed back talks to seal IMF funding till January — may not be able to get its fragile finances under control.
The central bank has spent more than $20 billion of its foreign reserves to support the pound since the popular uprising that toppled Hosni Mubarak in early 2011. It now has only $15 billion, which is equal to only about three months of imports cover.
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