Egypt Central Bank urges abidance by money transfer restrictions

Egypt’s Central Bank has asked all banks operating in the country to abide by earlier directives to block any money transfers that exceed 100,000 US dollars, or the equivalent, whether for individuals or companies. In a letter sent to banks, a copy of which was obtained by Anadolu Agency Wednesday, the Central Bank cited exemptions from the rules. Import transactions would be allowed after the transferring bank ascertains the seriousness of the import operation and documents. Banks will also allow money transfers by foreign companies operating in Egypt after ascertaining the seriousness of documents presented. Egypt is currently in the grip of a political impasse, with hundreds of thousands of opponents and supporters of President Mohamed Morsi protesting and camping in several main squares across the country. Opponents are demanding snap presidential election, but loyalists insist that Morsi, Egypt’s first democratically elected president, must complete his four-year term. The army had given all parties a 48-hour ultimatum, which expires today, to thrash out a political settlement, threatening to otherwise intervene and impose a roadmap for the future and supervise its implementation. In a televised speech to the national in the early hours of Wednesday, Morsi reaffirmed he had no plans to accept early elections and would defend his constitutional legitimacy even if the price was his life.