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.