Circular dated August 30, 2015 regarding the maximum limit for transfers abroad

Mr. Chairman of the Board
Cairo, August 30, 2015

Bank

Greetings,

I would like to refer to the Central Bank letter No. 67 dated May 17, 2011, regarding the maximum permitted limit for transfers abroad, amounting to one hundred thousand US dollars or its equivalent for each client under current circumstances.

I wish to reinforce what was contained in that letter by stating that there is no objection to executing the requests of foreign natural persons for transfers abroad after verifying that the amount to be transferred is generated from the client's own resources, whether from income sources such as salaries, investment returns, or a previous transfer of foreign currency from abroad into the Arab Republic of Egypt, while observing what was stated in my letter dated January 6, 2014, on the same subject.

I also reinforce in this regard what was stated in my letter dated February 4, 2013, permitting Egyptian natural persons who transfer their savings from their accounts abroad to one of the banks operating in Egypt, effective from February 10, 2013, to re-transfer the same value abroad in the name of the same person who made the transfer, while adhering to the procedures mentioned in the aforementioned letter.

Please accept my highest respect,

Hesham Ramzy Abdel Hafez