2023-03-19

A circular dated March 19, 2023 regarding the possibility of a mother opening accounts or linking savings funds in the names of her minor children.

In a letter dated March 19, 2023, addressed to the Chairman of the Board of a bank in Cairo, the writer, Hassan Abdallah, highlights an issue regarding challenges faced by women during banking transactions. The letter emphasizes that mothers are allowed to open accounts or deposit savings on behalf of their minor children, as long as the funds are donated by the mother, in accordance with Article 3 of the Law of Guardianship over Money issued by Decree-Law No. 119 of 1952. The writer requests that the bank's management be informed of the importance of adhering to these regulations.

Egypt

Central Bank of Egypt

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