Regulatory Alerts2021-01-06
A circular dated January 6, 2021 regarding local transfers in the Egyptian pound
The letter, dated January 6, 2021, is addressed to the Chairman of the Board of Directors of a bank in Cairo, Egypt. It refers to a previous circular dated June 21, 2020, emphasizing the need to enhance banks' infrastructure and remittance departments to facilitate same-day remittance requests for customers. The aim is to gain customers' trust and encourage them to reduce their use of cash. The letter outlines decisions made by the Central Bank of Egypt's board of directors on December 27, 2020, regarding remittance services in Egyptian pounds, including timeframes for executing transfers within the same bank and to other banks. It also mentions exemptions from these timeframes, such as transactions requiring credit approvals or those suspected of money laundering or terrorist financing.