Arab FinanceThe Central Bank allowed banks operating in the local market to open financial inclusion accounts in foreign currencies for low-risk clients, according to… Manifesto Issued on October 14, 2024.
This step aims to integrate more customers into the formal banking sector whose nature of transactions requires opening accounts in foreign currencies.
The new accounts will be made available to natural persons and micro-enterprise clients who have been classified as low-risk clients.
The daily and monthly maximum limits set in Egyptian pounds will be applied to the aforementioned accounts in the equivalent of those limits, based on the prevailing exchange rate for each foreign currency at the time of carrying out the operations.
A direct debit card may be issued in the same currency as the accounts after obtaining the necessary approvals from the Central Bank to issue these cards.
In the event that the prescribed limits are exceeded, due diligence procedures for bank customers issued by the Money Laundering and Terrorist Financing Unit in February 2020 will be applied.
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