HSBC Treasury Management Profiles 2018 -

Current section, Introduction


After a period of sociopolitical and economic instability, Egypt’s economic prospects have improved over the past few years. GDP growth stood at 4.3 per cent in 2015/16 and 4.2 per cent in 2016/17 (up from an average of only 2 per cent during 2010/11-2013/14). GDP grew 5.2 per cent and 5.3 per cent in Q1 and Q2 2017/18 respectively. A key contributor to the country’s economic recovery is a rebound in its tourism sector. In 2017, the tourism sector’s contribution to GDP grew by 72.9 per cent compared to 2016, generating USD21.1 billion of GDP (11 per cent of total GDP compared to 7.2 per cent of GDP in 2016). The strengthening economy has had a positive effect on the country’s finances: the current account deficit fell to USD15.6 billion in FY 2016/17 from USD19.8 billion a year earlier. In the first half of fiscal year 2017/18 Egypt's current account deficit contracted by 64 per cent year-on-year driven by a further rebound in tourism receipts and remittances from Egyptians working abroad. Net travel receipts totalled USD3.8 billion, compared with USD157.4 million in H1 2016/17. Net current remittances increased to USD13.1 billion, up from USD10.1 billion in H1 2016/17. In December 2017, Egypt and the World Bank signed a USD1.15 billion loan to boost the economy and create jobs. The agreement was the last of three annual Fiscal Consolidation, Sustainable Energy, and Competitiveness Development Policy Financing loans for a total of USD3.15 billion. Despite the government implementing a reforms programme aimed at spurring the economy, social conditions remain a concern: inflation caused by the currency floatation in November 2016 and energy subsidy reform, for example, have affected both the lower and middle class sections of society. Unemployment too continues to be high (11.3 per cent as of December 2017), with rates higher among the youth and women.

To read the detailed report, please click on the Download PDF option

Legal and regulatory

  • Foreign exchange accounts can be held by residents both domestically and abroad. Resident domestic currency (EGP) accounts cannot be held abroad, but are freely convertible into foreign currency
  • Non-resident bank accounts are permitted in both foreign and domestic currency. Non-resident domestic currency accounts are freely convertible into foreign currency. Foreign exchange accounts (free accounts) may be credited and debited with foreign currency payments between accounts held abroad, and may be used to make payments within Egypt
  • Egypt is a member of the COMESA regional trade zone. A Regional Payment and Settlement System (REPSS) facilitates cross-border payments and settlement between central banks in the COMESA area. REPSS processes payments in EUR or USD
  • Egypt has abolished most exchange controls. In June and November 2017 respectively, Egypt’s central bank announced the cancellation of the USD100,000 limit on individuals’ transfers abroad and the USD50,000 monthly deposit cap on non-priority imports

To read the detailed report, please click on the Download PDF option


  • Resident companies are taxed on worldwide income
  • Non-resident companies are taxed on Egyptian-sourced income only
  • The flat rate of corporate income tax is 22.5 per cent, with the exception of oil and gas companies which are taxed at 40.55 per cent
  • Dividends paid to a resident or a non-resident entity are subject to a 10 per cent withholding tax

To read the detailed report, please click on the Download PDF option

Payment instruments and systems

  • Cash is the most important payment medium in Egypt, particularly for low-value retail and commercial transactions. In January 2017, the central bank established the National Council for Payments with the goal of transforming Egypt into a cashless society. Cheques are the dominant cashless payment instrument. Card use is limited in Egypt. Government Payroll cards enable government and public sector employees to collect their salaries and pensions via ATM terminals
  • Egypt operates three national payment systems: an RTGS system; the CCH for cheque payments; and the EG-ACH for electronic credits and debits

To read the detailed report, please click on the Download PDF option

Cash management

  • Domestic and cross-border notional pooling and cash concentration is permitted between resident and non-resident companies
  • Cash and cheque collection services are available

To read the detailed report, please click on the Download PDF option

Electronic banking

  • Electronic banking is available in Egypt. There is no bank-independent electronic banking standard
  • Internet and mobile banking services are provided by all of the country’s banks for both corporate and retail purposes. Mobile banking transactions are limited to EGP3,000 limit
  • The CBE has authorised Egypt Banks Company to build and operate a mobile payment interbank and clearing service, the Mobile Interbank Switch

To read the detailed report, please click on the Download PDF option



To read the full report on Egypt and to discover more on these and other topics, including banking and trade, please click on the Download PDF option.



  • World Travel & Tourism Council’s (WTTC) Travel and Tourism Economic Impact 2018 Egypt
  • Central Agency for Public Mobilization and Statistics (CAPMAS)
  • International Monetary Fund
  • World Bank
  • Central Bank of Egypt

The materials contained on this page were assembled in May 2017 (unless otherwise dated).



This document has been produced by HSBC Bank plc and members of the HSBC Group (“HSBC”), together with their third-party contributor, WWCP Limited. We make no representations, warranties or guarantees (express or implied) that the information in this document is complete, accurate or up to date. We will not be liable for any liabilities arising under or in connection with the use of, or any reliance on, this document or the information contained within it. It is not intended as an offer or solicitation for business to anyone in any jurisdiction. The information contained in this document is of a general nature only. It is not meant to be comprehensive and does not constitute financial, legal, tax or other professional advice. You should not act upon the information contained in this document without obtaining your own independent professional advice. The information contained in this document has not been independently verified by HSBC.

This document contains information relating to third parties. The information does not constitute any form of endorsement by these third parties of the products and/or services provided by HSBC or any form of cooperation between HSBC and the respective third parties.

Under no circumstances will HSBC or the third-party contributor be liable for (i) the accuracy or sufficiency of this document or of any information, statement, assumption or projection contained in this document or any other written or oral information provided in connection with the same, or (ii) any loss or damage (whether direct, indirect, consequential or other) arising out of reliance upon this document and the information contained within it.

HSBC and the third-party contributor do not undertake, and are under no obligation, to provide any additional information, to update this document, to correct any inaccuracies or to remedy any errors or omissions.

No part of this document may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of HSBC and the third-party contributor. Any products or services to be provided by HSBC in connection with the information contained in this document shall be subject to the terms of separate legally binding documentation and nothing in this document constitutes an offer to provide any products or services.