Non-residents to be allowed to open a bank account in Egypt

In a new directive, The Central Bank of Egypt announced, that non-resident foreign clients will now be allowed to open a bank account. 

In a circular issued on 07 August 2024, The CBE mandated Egyptian banks to open non-resident bank accounts for customers not residing there, while adhering to standard due diligence procedures and ensuring compliance with Egypt’s banking regulations. 

The derivative is a response to concerns raised in a CBE letter of April 2016 highlighting the difficulties and risks associated with financial transactions outside the regulated market faced by non-residents without a bank account.