• 2024/08/11

Central Bank: Foreigners can now open bank accounts

The Central Bank of Egypt announced today, Sunday, that foreign non-residents can now open bank accounts in Egypt. These accounts allow for various banking services. However, banks must comply with existing regulations and conduct due diligence on new customers. This came in a circular issued by the Central Bank to all banks.

In response to a 2016 circular and subsequent complaints from non-resident foreign customers, the Central Bank has addressed the issue of banks refusing to open accounts for them. The Bank believes that this practice poses a risk of increasing financial transactions outside the regulated banking system.

• The Central Bank of Egypt
• foreigners
• bank account
• banking services
• due diligence
• accounts