Egypt: Central Bank of Egypt Orders Banks to Ease Account Opening for Non-Resident Foreigners

In a recent directive, the Central Bank of Egypt (CBE) has instructed banks to streamline the process for non-resident foreigners to open bank accounts in Egypt. This move is intended to encourage financial institutions to better serve foreign customers and alleviate the challenges faced by foreigners in accessing essential banking services.

The Central Bank highlighted that facilitating account openings for foreigners aligns with its commitment to maintaining the safety and integrity of Egypt’s banking sector. The CBE stressed that while simplifying account access, banks must continue to uphold regulatory standards and perform thorough due diligence on clients.