Egypt Independent

Cabinet eases limits on carrying cash to and from Egypt



Egypt said on Wednesday it was easing limits on travelers bringing currency in and out of the country and said visiting foreigners could now carry more than US$10,000 as long as they declare it upon entering.

Egypt tightened currency controls in December, worried over pressure on the pound and a rush by Egyptians to withdraw their savings from banks. 
 
It had prevented all travelers — Egyptian and foreign — from traveling to and from the country with foreign currency that exceeded $10,000. 
 
"Bringing foreign currency into the country is allowed for all travelers as long as they declare it in a document provided for this purpose if the amount exceeds $10,000 or its equivalent in foreign currency," a government statement said.
 
"Foreigners are allowed to, when leaving the country, carry what is left of the amount they declared upon arrival if the amount exceeds $10,000 or its equivalent in foreign currency."
 
Egyptians and foreigners are allowed to bring or take a maximum of LE5,000. However, mailing cash abroad is prohibited.
 
Foreign currency reserves fell to just over $13 billion at the end of February versus $36 billion before the uprising.
 
Ongoing turmoil has added to the nation's troubles by driving away tourists and foreign investors. 
 
Analysts say the country should tap emergency International Monetary Fund loans to prevent a full-blown economic crisis but the Cabinet rejected the proposition Tuesday.