Regulatory Alerts2023-03-20 | CBE11.7Added · Updated
CBE Regulation Book 11.7
The Central Bank of Egypt mandates that banks waive any fees for incoming transfers exceeding 2 Egyptian pounds, aligning with the rates of the Egyptian Payments Company. It authorizes individuals aged 16 to 21 to open bank accounts without parental consent, provided no legal impediment exists. The regulation permits guardians to withdraw salaries or pensions from blocked accounts upon court order and allows parents to open savings accounts or link savings instruments to their minor children's names.