Federation Of Egyptian Banks Assures Unrestricted Foreign Transfers to Customers in Same Currency

Federation Of Egyptian has affirmed its full commitment to disbursing the value of foreign transfers to their beneficiaries in the same currency of the transfer, denying rumors about stopping the issuance of transfers to Egyptians abroad or requiring them to receive the equivalent in local currency.

The Federation clarified that funds received from abroad into Egypt through banks are not subject to any restrictions, and they can be disbursed in the original currency of the transfer or in the local currency, according to the customer's preference.

The Federation also emphasized that "foreign deposits within the banking system are completely safe," and they are witnessing continuous growth rates that currently approach $50 bn.

It explained that these deposits are invested according to the best banking standards and without any risks, to finance a number of projects that generate revenues in foreign currency.

The Federation confirmed the inaccuracy of the rumors circulating on social media regarding the misuse or disbursement of these deposits to their owners in the local currency.

The Federation called for not succumbing to the circulating rumors on social media, which aim to undermine the pillars of the Egyptian economy and weaken confidence in the banking sector, at a time when Egyptian banks receive international recognition due to their strong performance, robust indicators, and operational efficiency.