Regulatory Alerts2023-03-19
Added · Updated
Circular dated March 19, 2023 regarding the possibility of a mother opening accounts or linking savings funds in the names of her minor children
The Central Bank of Egypt confirms that mothers are permitted to open bank accounts or link savings instruments in the names of their minor children, provided the funds are donated by the mother as a gift in accordance with Article 3 of Law No. 119 of 1952 on Guardianship Rules. Banks are instructed to adhere to this provision and address complaints regarding the refusal to open such accounts or restrict transactions to gift accounts only.
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