2023-10-29

A circular dated October 29, 2023 regarding controls on the use of credit cards for the purposes of traveling abroad

On October 29, 2023, the Central Bank of Egypt issued a letter to the Chairman of the Board of Directors of a bank, outlining new regulations regarding the management of non-resident accounts and foreign currency transfers. The letter mandates the opening of accounts for non-resident travelers, with specific requirements for account opening and maintenance. It also outlines procedures for banks to follow in case of non-compliance, including account suspension and reporting to the Central Bank. The letter emphasizes the importance of adhering to these regulations and states that further implementation guidelines will be provided subsequently.

Egypt

Central Bank of Egypt

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