The Central Bank of Egypt (CBE) decided to open a bank account to collect change from checks and remittances and to direct the proceeds to some developmental and charity projects, such as the development of informal settlements.
The CBE explained that the collection will require written approval from clients.
According to the CBE, the decision includes the collection of pound fractions of checks and remittances of up to EGP 1m, as well as the change of EGP 10 for checks and remittances of over EGP 1m. Checks and remittances under EGP 100, as well as pensions, are excluded from the decision.
It stressed that this decision is aimed at serving the national economy, especially since the fractions are not collected by many of the clients.
The CBE called on the banks operating in the local market to open a new account to collect the proceeds from the fractions and transfer them to the CBE’s account at the end of each month. The CBE will direct the proceeds to the Tahya Misr Fund.
The Tahya Misr Fund is directly supervised by President Abdel Fattah Al-Sisi. It aims to overcome the difficult economic conditions experienced by the state by supporting initiatives to achieve social justice.