No More Restrictions on Foreign Currency Transfers

On 14 June 2017, the Central Bank of Egypt (“CBE”) issued the long waited decision to remove the restrictions previously imposed on individuals’ transfer of foreign currencies outside Egypt.

The restriction was first imposed after the 2011 uprising to limit foreign currency transfers by individuals to a one-time transfer of USD 100,000 per year. Banks operating within Egypt shall implement the new decision without prejudice to the Know Your Customers rules determined by the CBE.

Posted in News on Jul 06, 2017