Agreement reached on remittances of Egyptians abroad

The Egyptian Consulate General in Riyadh said Sunday an agreement was reached with the Egyptian minister of state for migration and the governor of the Central Bank of Egypt in regard to remittances of Egyptian persons abroad.

In a statement, the consulate added that Egyptian natural persons, who transfer their savings from their accounts abroad to banks operating in Egypt to connect foreign exchange deposits or buy foreign exchange savings certificates, would be allowed to re-convert their savings abroad with accounts of the same person who made the transfer without restrictions.

According to the agreement, Egyptian natural persons, who transfer their savings from abroad to banks operating in Egypt, would be allowed to re-convert the same value abroad if they decide to end their investments in Egypt, whether in whole or in part by a decision of the Central Bank.

There is no worries about the lack of ability of Egyptians abroad to re-convert their foreign exchange abroad if they wish to liquidate their activity for any reason, the statement concluded.