Regulatory Alerts2016-02-22
Added · Updated
Circular dated February 9, 2016 regarding raising the maximum cash deposit disclosed at the airport
The Central Bank of Egypt permits banks to accept foreign currency cash deposits from natural persons arriving as travelers, provided the amount corresponds to what was declared upon entry at the airport. This authorization applies to deposits supported by proof of declaration stamped by the bank, effectively allowing deposits up to the declared amounts which may exceed the previous standard limits of 10,000 USD per day and 50,000 USD per month.
Cairo, February 9, 2016
To: The Chairman of the Board of Directors Bank of Egypt
Greetings,
With reference to Law No. 8 of 2013, which amended Article (116) of Central Bank and Banking Law No. 88 of 2003, stipulating that "the entry of foreign currency is guaranteed for all travelers, provided it is disclosed in the declaration prepared for this purpose if it exceeds ten thousand US dollars or its equivalent in other foreign currencies...", and in light of the instructions issued by the Central Bank of Egypt regarding setting maximum limits for cash deposits in foreign currencies for natural persons, not exceeding a maximum limit of 10,000 US dollars - or its equivalent in foreign currencies - during the day, and a maximum of 50,000 US dollars during the month.
In this regard, I wish to emphasize allowing banks to accept cash deposits in foreign currencies from natural persons among travelers arriving to the country, within the limits of what was declared upon entry, in accordance with the aforementioned Article, provided that proof of this is presented, with the bank stamp affixed to it indicating the deposit.
Please be kind enough to alert to the compliance with the above.
Accept highest regards, Tarek Fayed