Chairman of the Misr Iran Development Bank Ismail Hassan hailed a decision by the Central Bank of Egypt (CBE) to lift foreign currency cash deposit and withdrawal limits for individuals.

The decision is a positive step and will help fight the black market, Hassan, a former CBE governor, told MENA.

Citizens will be encouraged now to deposit their dollar earnings in banks instead of keeping them at home, he said.

Last month, the CBE imposed limits on foreign currency deposits at a maximum of $10,000 daily and $50,000 monthly for individuals.