The Central Bank of Egypt (CBE) has instructed banks to facilitate the process of opening accounts for non-resident foreigners in Egypt. These accounts will allow foreigners to access a variety of banking services without compromising the regulations and standards governing account openings, as well as the due diligence procedures required for bank clients.
In a letter addressed to banks, the Central Bank stated that this decision is aimed at encouraging banks to open accounts for foreign customers and to eliminate the difficulties foreigners face in obtaining basic banking services in Egypt.
The Central Bank emphasized that making it easier for foreigners to open accounts and access banking services from Egyptian banks is also a part of its commitment to maintaining the safety and integrity of the Egyptian banking sector, while ensuring that banks conduct the necessary due diligence.
