To encourage banking services for foreigners in Egypt, the Central Bank of Egypt (CBE) has issued directives that allow local banks to facilitate opening accounts for non-resident foreign customers.
According to the CBE’s laws, banks are currently required to open accounts for foreign customers who are not residents of Egypt if they requested, allowing them to benefit from the various banking services provided.
This directive follows a previous letter issued by the CBE in April 2016, which addressed the refusal of some banks to open accounts for foreign clients not residing in Egypt, leading to complaints from these individuals.
The CBE emphasized that the opening of bank accounts for foreign non-resident clients should be carried out without compromising the established controls and rules governing the account opening process, including the necessary due diligence procedures for all bank customers.
Furthermore, the Central Bank announced an increase in remittances from Egyptians working abroad during June 2024, marking the fourth consecutive month of growth. The remittances saw a 65.9 percent surge, reaching approximately USD 2.6 billion (EGP 128 billion), compared to around USD 1.5 billion (EGP 73 billion) in June 2023.
This significant increase in remittances is attributed to the reform measures taken by the CBE on March 6, 2024, which have resulted in a more than doubling of remittances compared to February 2024, reaching around USD 1.3 billion (EGP 64 billion).
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