Sun 10 Feb 2013

Egypt central bank allows overseas Egyptians to repatriate investments

flickr-David Holt London

Egyptian citizens living overseas who remit money to Egypt will now have the right to repatriate it.

The announcement came from a letter from the Central Egyptian Bank's governor Hisham Ramez:

"Starting February 10, the Central Bank of Egypt will allow individual Egyptians who remit money to an Egyptian bank to have the right to repatriate the same value outside Egypt, to the same person who made the transfer. This will be allowed after the individual liquidates, wholly or in part, an investment made in Egypt using the original remittance. The person who seeks to repatriate the money will have to provide documents that the amount being sought to be repatriated was part of or equal to a remittance."

www.zawya.com - Egypt c.bank allows overseas Egyptians to repatriate investments on 2013-02-05

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