ArabFinance: The Central Bank of Egypt (CBE) asked banks operating in the country to monitor activity on accounts held by Syrian nationals, Shorouk News cited unnamed banking sources.

The local banks were requested, a week ago, to review and update all Syrian accounts, according to the sources.

No restrictions have been placed on Syrian people who hold Egyptian residence permit as long as the CBE’s terms apply to the clients, the sources noted.

They added that the central bank is being cautious in line with the government’s follow-up towards the increasing financial volume of Syrian residents.

Egypt’s Ministry of Local Development has issued a decree in late August demanding approvals from the Ministry of Interior and relevant security authorities before issuing new business licenses for commercial facilities that are fully or partially owned by Syrians.

The decision was announced after the government had noticed Syrian nationals in Egypt opening chains of stores in prominent locations at high prices within a short period of time, despite their financial struggle when they first arrived in the Arab republic.

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.