Central Bank of Egypt Permits Non-Resident Foreigners to Open Accounts
The new move looks to address restrictions that had forced many foreigners to rely on informal financial transactions.
The Central Bank of Egypt (CBE) has issued a new directive instructing banks to allow non-resident foreign clients to open bank accounts in Egypt, addressing longstanding concerns among non-resident foreigners who had previously been unable to access banking services in the country.
The new directive looks to address complaints that had been highlighted by the CBE in a letter they released in April 2016, which touched on the challenges faced by non-resident foreigners when Egyptian banks refuse to open accounts for them. These restrictions had forced many to rely on informal financial transactions, increasing their exposure to risks outside the formal banking sector.
Under the new guidelines, banks are required to open accounts for non-resident foreigners following standard due diligence procedures. The CBE emphasized that this should be done without violating existing regulatory controls, ensuring compliance with Egypt’s banking regulations.
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