Egypt imposes hard currency controls

Egyptian authorities have introduced a decree which aims to halt the decline in reserves at the central bank. The conflict in Iraq is expected to make the situation worse with income from tourism severely restricted.

Source: Associated Press

On March 24, Egypt's government ordered companies earning U.S. dollars or other hard currency to sell at least 75 percent to state-owned banks in the hope of stemming capital flight from the country.

The decree, which applies to both private and state-owne