Regulatory Alerts2024-10-14
A circular dated October 14, 2024 regarding allowing banks to open financial inclusion accounts in foreign currency
In a letter dated October 14, 2024, the Chairman of the Board of Directors of a bank in Cairo, Egypt, addresses the regulations governing the classification of financial inclusion products and services. The letter refers to the Egyptian Central Bank's directives and subsequent amendments, including the circular dated November 15, 2023, which increased the maximum limits for transactions on financial inclusion accounts. It emphasizes the possibility of opening financial inclusion accounts in foreign currencies for low-risk customers, including individuals, microenterprises, and small businesses. The letter also mentions the applicability of daily and monthly limits set for Egyptian pounds to these accounts, with transactions executed at the prevailing exchange rate for each foreign currency.