Regulatory Alerts2024-10-14
Added · Updated
Circular dated October 14, 2024 regarding allowing banks to open financial inclusion accounts in foreign currency
The Central Bank of Egypt authorizes banks to open financial inclusion accounts in foreign currencies, in addition to the Egyptian pound, for low-risk natural persons, companies, and micro-enterprises (Category A and Category B). Daily and monthly transaction limits for these accounts are applied based on the equivalent of the Egyptian pound limits set in the November 15, 2023 circular, converted using the prevailing exchange rate at the time of the operation. If prescribed limits are exceeded, the due diligence procedures issued by the Anti-Money Laundering and Terrorist Financing Unit in February 2020 apply, while other existing instructions remain in force.