Egyptian employee counting US dollars
The requirement includes presenting a receipt confirming the transfer of funds through an authorized bank or exchange company.
Additionally, the decree obligates foreigners residing illegally in the country to regularize their status by securing an Egyptian sponsor and depositing administrative expenses equivalent to $1000 in a specified account within Egyptian banks, according to an official statement from the Egyptian cabinet.
Earlier in November, the Egyptian government extended the grace period for unlawfully residing foreigners to adjust their status by three months.
Initially set to expire on 15 December 2023, the deadline has been extended to 15 March 2024.
The decision aims to facilitate the process for a new segment of foreigners targeted by the decree.
Around 9.1 million foreigners from 133 countries are living in Egypt, according to a report by the International Organisation for Migration.
That number has increased since the beginning of the Sudanese civil war in April 2023, which resulted in more than 200,000 people fleeing to Egypt.
The decree is the latest in a series of measures aimed at augmenting foreign currency, as Egypt is suffering from a shortage of US dollars amid rising debt and inflationary pressures.
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