Tax relief and mobile banking services

Only approximately 10% of remittances to Egypt are sent formally, entering the Egyptian banking system. In order to promote greater remittance inflows and to strengthen hard currency reserves, Egypt offers Egyptians abroad the opportunity of ten-year tax relief on remittance transfers if they register with the National Bank of Egypt. The National Bank of Egypt also provides e-banking and mobile banking services, and Egypt has launched debt certificates denominated in dollars and euros to ease hard currency shortages.