Central Bank of Egypt directs banks to open digital accounts in foreign currencies

By bne IntelliNews October 15, 2024

The Central Bank of Egypt (CBE) has allowed banks to open financial inclusion accounts in foreign currencies for individuals and micro-enterprises classified as low-risk (categories A and B) under a November 2023 circular, The Daily News Egypt reported on Tuesday (October 15), citing a statement from the bank. 

The initiative aims to enhance regulatory compliance and integrate low-risk clients requiring foreign currency accounts into the formal banking sector.

Banks can promote digital wallets and issue direct debit cards in the same foreign currency as the accounts, upon CBE’s approval. Daily and monthly transaction limits will apply in Egyptian pounds, based on the exchange rate at the time of each transaction.

The CBE explained that if limits are exceeded, customer due diligence procedures according to 2020 guidelines will be enforced.

The Egyptian government, in collaboration with the CBE, recently developed a National Financial Inclusion Strategy aimed at increasing access to financial services for individuals and businesses, promoting the use of digital payment solutions to reduce reliance on cash. These platforms enable small businesses and individuals to easily conduct transactions, improving access to financial services in remote and underserved areas.

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