Arab Finance: The Central Bank of Egypt (CBE) has directed local banks to open bank accounts for non-residing foreigners in Egypt, without prejudice to the rules governing this process, as per a circular by the bank.

This decision comes as a response to complaints filed by foreigners whose some local banks refrained from opening accounts for them, denying them access to banking services and products.

The CBE noted that a higher risk could result from conducting financial transactions outside the formal banking sector.

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