Egypt allows foreign companies to keep capital in foreign currency

This decision, made jointly by the General Authority for Investment and Free Zones (GAFI) and the Central Bank of Egypt (CBE), aims to alleviate the economic pressures within the country's current crisis.

GAFI Chairman Hossam Heiba stated that the objective of this decision is to provide foreign currency to companies, particularly those lacking dollar liquidity, so they can acquire essential raw materials and manufacturing supplies.

Heiba further noted that the decision came into effect several weeks ago.

As part of the process, companies are required to submit a document to GAFI from the bank, indicating the transfer value and confirming the retention of the company's foreign currency, Heibe added in press statements.

“GAFI has intensified its efforts not only to promote investment in 2023 but also to relieve the burdens faced by companies operating in Egypt, which contribute positively to Egypt's global investment reputation,” he indicated.

He further highlighted that the recent depreciation of the Egyptian pound against the US dollar has motivated more than 30 foreign companies to reinvest their profits in expansion rather than converting them into foreign currency.