Wednesday 30 September 2020
Gamal Negm, Deputy Governor of the Central Bank, revealed, in exclusive statements to Masrawy, today, Wednesday, the reason for the decision of the Central Bank’s Board of Directors to set a maximum value of 5,000 pounds to carry Egyptian cash for travelers coming to or departing from Egypt, which was published in the Official Gazette today.
Negm said that the new Central Bank Law, which was issued this month, did not specify the maximum limit for carrying Egyptian cash for travelers, leaving the task of determining it to the Board of Directors of the Central Bank.
He explained that the previous law stipulated that the limit for carrying Egyptian money is 5,000 pounds, and therefore the decision of the Central Bank’s board of directors did not include any modification of the amount allowed to be carried in the Egyptian currency for travelers to or departing from Egypt.
“The new banking law did not specify an amount of 5,000 pounds, and therefore we needed to prevent a vacuum. We would issue a decision in place of it to keep the maximum number of Egyptian banknotes allowed to be carried for travelers coming to or departing from Egypt,” according to what Najm told Masrawy.
He added that leaving the decision to the board of directors of the Central Bank instead of stipulating it specifically in the law so that there is greater flexibility in determining the value of the amount according to different circumstances without the need to amend the law.
The Deputy Governor of the Central Bank confirmed that the value of the maximum foreign exchange in dollars, the euro and other currencies for travelers to and from Egypt has not changed and is still the same at 10,000 dollars.