2015-04-23

Some transactions in foreign currencies

The letter, addressed to the Chairman of the Board of Directors, refers to a meeting held with the heads of banks on February 4, 2015, regarding setting a maximum deposit limit for US dollars or their equivalent in other foreign currencies. The Central Bank of Egypt has observed attempts by some clients to circumvent these regulations by purchasing foreign currency outside the banking sector and depositing it into multiple accounts, and then consolidating and transferring it back to the original account for import-related transactions. The bank emphasizes the need for strict adherence to the instructions and the "know your customer" principle to ensure the integrity of the banking sector.

Egypt

Central Bank of Egypt

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