The Central Bank of Egypt (CBE) issued new instructions for banks to expedite the transfers denominated in the Egyptian pound as part of the country’s efforts towards digital transformation.
Banks will receive digital transfer requests 24/7 and in-branch requests during the working hours, according to a statement on Wednesday.
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Money transfers to an account in the same bank will take no more than two hours, while transfers to other bank accounts will be implemented within three hours.
It is noteworthy to mention that the CBE has previously suspended fees on bank transfers until the end of June 2021.
