Circular dated October 14, 2024 regarding allowing banks to open financial inclusion accounts in foreign currency

Cairo on: October 14, 2024

Mr. Chairman of the Board of Directors

Greetings Bank

With reference to the rules governing the classification of financial inclusion products and services issued by the Central Bank of Egypt on July 17, 2019 and its subsequent amendments, the most recent of which is the circular dated November 15, 2023 regarding increasing the maximum limits for dealing in financial inclusion accounts, as well as the explanatory memorandum issued in this regard on March 24, 2021. The framework for following up on the implementation of the aforementioned supervisory instructions, and what has been revealed of the existence of categories of bank dealers whose financial inclusion aims to integrate them into the formal banking sector and whose nature of dealings requires opening accounts in foreign currencies.

To facilitate the implementation of financial transactions for these groups and facilitate their banking transactions, and after consulting with the Anti-Money Laundering and Terrorist Financing Unit, I would like to confirm the following:

1. The possibility of opening financial inclusion accounts in foreign currencies - in addition to the Egyptian pound - for clients who are natural persons, companies, and micro-enterprises (Category A and Category B) listed in the circular issued on November 15, 2023, who are classified as low-risk clients. Direct debit cards may be issued in the same manner. The currency of the accounts after obtaining the necessary approvals from the Central Bank to issue these cards.

2. Applying the daily and monthly maximum limits set in Egyptian pounds contained in the circular issued on November 15, 2023 to the accounts mentioned in the equivalent of those limits, on the basis of the prevailing exchange rate for each foreign currency at the time of carrying out the operations.

3. In the event that the prescribed limits are exceeded, the due diligence procedures for bank customers issued by the Anti-Money Laundering and Combating the Financing of Terrorism Unit in February 2020 will be applied. I would like to confirm that the remaining provisions contained in the aforementioned instructions will continue to apply as they are, unless there is a text regarding them.

Please accept the utmost appreciation and respect,

Hassan Abdullah