The Central Bank of Egypt (CBE) has lifted the restrictions on dollar deposits and withdrawals for individuals, according to a bank statement.

The CBE statement said that the steps to remove restrictions are aimed at “easing the facilitation of individual transactions with banks”.

The move comes as a shortage of foreign currency continues to bolster the foreign exchange black market. The black market price for dollars is currently sitting at approximately £E10 – almost 15 per cent above the bank’s rate.

While the removal of dollar restrictions by the central bank will do little to alleviate the concerns of companies operating in Egypt, it is being applied as a measure to curb the black market’s influence on the foreign currency exchange.

Lifting restrictions is a different tactic for the central bank, which had previously taken a protectionist approach towards the foreign currency crisis, with hard cash being reserved for food and fuel products instead of what it calls non-essential goods and services.

Dollar restrictions on corporations have meant many industrial operations continue to struggle as imports become problematic. Foreign investors in other sectors have also found it difficult to do business in Egypt amid the restrictions.