Regulatory Alerts2015-09-01
A circular dated August 30, 2015 regarding the maximum limit for transfers abroad
In August 2015, the Governor of Egypt's Central Bank addressed the following issue regarding foreign currency exchange: The Central Bank book No. 67 dated May 17, 2011 sets a ceiling for foreign currency conversion for individuals within the country; that is, up to USD $500 or its equivalent per person under normal circumstances. I request everyone to acknowledge what this book states - there is no restriction on individual exchange for foreign currencies as long as they ensure that the required amount of currency is derived from their own personal income sources, either salaries, investment returns, or previous foreign currency conversion by foreign banks within Egypt, with reference to my book dated January 6, 2014. I would also like to mention that according to my book published on February 4, 2013, individual Egyptians are allowed to exchange their local currencies into foreign ones from their personal accounts since February 10, 2013, provided they return the same amount of money in a foreign currency through the same bank account, with adherence to the regulations stated in my mentioned book. I kindly ask everyone for their understanding and respect. Hesham Ramez Abd El-Hafez (Governor of Egypt's Central Bank)