Egypt’s forex controls damaging small gas companies

By Rachel Williamson 16 March 2016
The Egyptian government still owes more than $3 billion to companies such as BG Group. (BG Group) The Egyptian government still owes more than $3 billion to companies such as BG Group. (BG Group)

The Egyptian government has eased some rules on the movement of currency and goods but the remaining restrictions continue to hurt the energy sector, particularly smaller companies and equipment suppliers.

Egypt’s restrictions on foreign currency deposits and withdrawals have led to a shortage of hard currency, which has delayed some oil and gas payments. Late payments are especially problematic for small companies, which rely on prompt payment to fund their operations.