Regulatory Alerts2017-06-14
Added · Updated
Circular dated June 14, 2017 regarding canceling the maximum limit on transfers abroad
The Central Bank of Egypt removes the previous maximum limit of 100,000 US dollars per client per year for outbound transfers, allowing banks to execute such requests without a cap effective immediately. This change is implemented to support and facilitate banking transactions and meet client needs, while banks must continue to adhere to the Central Bank's instructions regarding customer identification rules.
Cairo: June 14, 2017
Dear Sir / Chairman of the Board,
Greetings,
I would like to refer to the letter from the Central Bank of Egypt dated January 6, 2014, regarding the maximum limit allowed for banks to execute their clients' requests for transfers abroad at a rate of one hundred thousand US dollars or its equivalent for each client, once during the year.
Please be informed that in light of the continued orientation of the Central Bank of Egypt to support and facilitate banking transaction procedures and meet client needs, it has been decided to allow banks to execute their clients' requests for transfers abroad without a maximum limit effective from this date, while observing compliance with the Central Bank's instructions regarding customer identification rules in banks.
Please accept my highest respect.
Tarek Amer