Luxor4u

Egypt eases rules on bringing hard currency in, out of country.

Egypt said on Wednesday it was easing limits on travellers bringing currency in and out of the country and said visiting foreigners could now export more than $10,000 as long as they declared 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 travellers – Egyptian and foreign – from bringing in or taking out foreign currency that exceeded $10,000. On Wednesday it eased some of the restrictions.

"Bringing foreign currency into the country is allowed for all travellers 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 amounts that they declared upon arrival if the amount exceeds $10,000 or its equivalent in foreign currency."

After two years of political instability since the ousting of President Hosni Mubarak, Egypt is taking steps to lower its budget deficit and secure a $4.8 billion loan from the International Monetary Fund.

Foreign currency reserves fell to $13.5 billion at the end of February from $36 billion just before the uprising.

The turmoil has driven away tourists and foreign investors. Analysts say Egypt should tap emergency IMF funding to prevent a full-blown economic crisis but the cabinet rejected that idea on Tuesday.

Source: http://english.ahram.org.eg/News/66806.aspx

This $10,000 seems to be a standard amount that has to be declared upon entering a country. I think it would be crazy for anybody to be carrying such a large sum in cash or even half that amount in cash particularly when there are so many other ways nowadays to make monetary transactions and purchases. That being said I'd think that for a country relying on tourism they'd be wanting tourists to bring in as much cash to spend as possible and that being said Egypt, as a whole, seem to be giving out rather mixed messages these days as to whether or not it really wants tourists and a economy based on tourism. Be hard to think what else Egypt could base their economy on if not tourism however it does seem those in the know/the movers and shakers of Egypt aren't sure what path they want to follow.

This is creating a big worry for friends of mine that are trying to sell their home. According to the HSBC last month they were told that the bank of Cairo's new rules will only allow each individual once only to transfer/ change a maximum of 62 thousand Stirling out of the country. This would leave about 300,000 Stirling stuck here which they need to purchase a new property in the UK. This really does suck as its their money and they should be allowed to put it where ever they choose.

Was thinking about this problem, if the purchaser is from the UK or Europe even why not transfer balance on completion directly to a UK account. Even have a british contract running along side the egyptian process I would feel happier about this as you would have recourse in the UK against the seller.

My dear Dusak, It sucked even more so during the Harold Wilson era in the U.K., when the limit of money taken out of the country was a mear £300, but as then, and now there are ways and means.

P,S. - An old Egyptian friend recently questioned me as to whether there was such a property worth more than 550,000 LE in Luxor. 3,500,000LE is a serious transaction.

This property A_four is a truly magnificent one of grand proportions on the EB with plenty of land overlooking the Nile and correct paperwork. The asking price is just half of its valuation.