A file photo of minister Soha Gendy. Photo : Egyptian Cabinet
The conditions were published by the ministry’s committee responsible for laying the framework for cash transfers to students abroad.
Russian banks that are on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) list – a cooperative society that allows for financial transactions and payments between banks across the world – may be legally used for money transfers between Egypt and Russia, the ministry announced.
Egyptian banks may be unable to complete transfer requests to banks that have been placed under financial sanctions or removed from the SWIFT network, they cautioned.
Furthermore, if the Egyptian bank issuing the transfer does not have an existing relationship with the receiving Russian bank the transfer may be rejected, the ministry noted.
Finally, transfer requests will be declined should the client fail to provide the required documentation, they conclude
The committee was formed under the directives of Egyptian President Abdel-Fattah El-Sisi following the December restrictions put on the transfer of foreign currency abroad due to Egypt’s shortage of hard currency.
It operates in tandem with the Central Bank Egypt (CBE) and the Ministry of Higher Education and Scientific Research.
The CBE had announced in December exemptions for students who study abroad and for those travelling to seek medical treatment
For all countries, parents seeking to transfer tuition fees and living expenses to their children studying abroad must issue a request through their current bank accounts in Egypt, the emigration ministry said.
The parents must provide evidence of the student’s enrollment abroad as well as documents indicating the student’s needed living expenses per month, the ministry added.
Finally, the emigration ministry emphasised that the committee is exerting continuous efforts with all relevant parties to provide alternatives to students in Ukraine to study at Egypt’s universities adding that the entrance exam is available for the fourth time to apply for transfer to Egypt.
Short link: