Chairman of the Commercial International Bank Hesham Ezz al-Arab said the export of foreign currency bills have reached US$three billion monthly over the past few months.
During a training course for economic journalists on Saturday, Ezz al-Arab said banks notified the Central Bank of Egypt concerning issues related to dealing with foreign currency in cash. As a result, instructions were given out to monitor the circulation of US dollars by setting limits for cash deposits at $10,000 daily and $50,000 monthly for individual and commercial bank accounts, which contributed to resolving the black market problem.
Ezz al-Arab, who also heads the Federation of Egyptian Banks, said that applying this financial inclusion is considered a priority for local banks, adding that it is better for the country to collect money online than to collect cash.
Some banks, according to Ezz al-Arab, are trying to provide collections services via ‘mobile banking’ and ‘internet banking’ in order for clients to pay bills and fulfill financial commitments. These banks can also collect money online for taxes and customs purposes.
Edited translation from Al-Masry Al-Youm
