Friday, December 28, 2012

Egypt Limits Amount of Cash That Can Be Moved Out of the Country

The Daily Mail reports:
Egypt has imposed a limit on the amount of money people can take out of the country, amid fears of an impending run on the banks.

The move to ban leaving with more than £6,000 came as thousands of Egyptians withdrew savings from banks to hoard cash at home.

Anxiety about a deepening political and economic crisis has gripped the country in past weeks, with many people rushing to buy dollars and take out their savings from banks.
The wealthy and powerful will have already had, or moved, their cash assets overseas. Expect Morsi to impose some incredibly stupid economic policy, such as one or more of the following: pegging the exchange rate, printing more money, nationalizing some bank accounts, etc.

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