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.