CBE allows low-risk customers to open foreign currency financial inclusion accounts
Updated 10/15/2024 9:16:00 AM
Arab Finance: The Central Bank of Egypt (CBE) has issued new regulations allowing low-risk customers to open financial inclusion accounts in foreign currencies, along with the Egyptian pound, according to a circular.
The decision aims to integrate more segments into the formal banking sector and streamline banking transactions for those needing bank accounts in foreign currencies.
The new accounts will be available to individuals and micro-enterprises classified as low-risk customers.
These clients are also eligible to receive debit cards issued in the same currency as their accounts upon the CBE’s approval.
The daily and monthly transaction limits for these accounts will be equivalent to those set for EGP accounts, based on the exchange rate set at the time of transactions.
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