Regulatory Alerts2016-02-22
A circular dated February 9, 2016 regarding raising the maximum cash deposit disclosed at the airport
In a letter dated February 9, 2016, the author refers to a law that amended Article 116 of the Central Bank and Banking System Law, which states that the entry of foreign currency is guaranteed for all travelers, provided it is declared on the appropriate form if it exceeds $10,000 or its equivalent in other foreign currencies. The author also mentions instructions from the Central Bank of Egypt regarding maximum limits for cash deposits in foreign currencies for individuals. The letter emphasizes that banks are allowed to accept cash deposits in foreign currencies from individual travelers entering the country, within the limits declared upon entry, provided that proof of declaration is presented and stamped by the bank as confirmation of the deposit.