CAIRO: Egypt’s central bank has lengthened the clearance period for large transfers of funds abroad to five days from the previous two, bankers said on Sunday.
One trader in a bank treasury said this was being applied to transfers of $100,000 or more and appeared designed to slow capital flight and prevent government officials and businessmen from transferring illegally obtained funds outside of Egypt.
Traders at two other banks confirmed that the measure had been taken, but the central bank was unavailable for immediate comment.
