Egyptian banks explain their position on exchanging foreign transfers in pounds

The Federation of Egyptian Banks stressed that all banks operating in the Egyptian market are fully committed to disbursing the value of external transfers to beneficiaries in the same transfer currency. He denied rumors about stopping the exchange of remittances of Egyptians abroad, or the requirement to obtain the equivalent in the local currency.

He explained, according to a statement, that receiving money transferred from outside Egypt to the interior through banks is not subject to any restrictions, and that its disbursement takes place in the base currency in which the transfer was made or in the local currency, according to the customer’s desire.

The union stressed that foreign deposits within the banking system are completely safe, and are witnessing continuous increase rates, to currently touch the $50 billion level.

He pointed out that its investment is carried out in accordance with the best banking standards and without any risks, in order to finance a number of projects that generate revenues in foreign currency, stressing that what is reported on social networking sites regarding dissipating these deposits or disbursing them to their owners in the local currency is incorrect.

The federation called for not being led by rumors circulating on social media aimed at striking the foundations of the Egyptian economy and weakening confidence in banking sector institutions, at a time when Egyptian banks are internationally praised due to their strong performance, robustness of their indicators and operational efficiency.

During the last period, and with the continued rise in dollar exchange rates, a large number of rumor mongers resort to exploiting social media platforms to provoke and export crises, and some of them talked about banks forcing customers to exchange transfers in Egyptian pounds and not in the transfer currency.

In his interview with, the branch manager of a government bank said that this did not happen at all, even at the height of the dollar scarcity crisis, and when the transfer currency is not available in the branch, it is reserved from the main center and is disbursed to the customer upon arrival, and it does not take long It’s more than 24 hours.

He indicated, on condition of anonymity, that the branch continues to issue customs releases to importers, but according to priorities, as there is a high priority for strategic and basic commodities and medicines, and the releases of these items are not delayed and are managed urgently and quickly.

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