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Egyptian Central Bank Provides New Guidelines for Opening Bank Accounts for Individuals and SMEs, Aimed at Enabling Financial Inclusion

Egyptian Central Bank Provides New Guidelines for Opening Bank Accounts for Individuals and SMEs, Aimed at Enabling Financial Inclusion

The Central Bank of Egypt (CBE) has reportedly issued updated guidelines and instructions that will allow local residents and small businesses to open certain types of bank accounts under various terms and conditions.

The CBE sent a letter to local banks in which it noted that the nation’s Money Laundering and Terrorist Financing Unit (MLCU) had been consulted in order to offer additional support for individuals and companies looking to open new accounts.

The CBE stated that the updates have been announced after carrying out due diligence processes for financial inclusion products issued by the MLCU back in November 2018, and its amendments or updates that were released in March of this year.

The new bank account options have been introduced as part of related guidelines for the classification of financial inclusion products that were released by the CBE in July 2019. The nation’s reserve bank has been working on projects that will allow more people and businesses to access modern banking and financial services in the country.

The CBE noted that its current agreement with the MLCU includes the application of appropriate policies to open traditional banking accounts for new customers without having to obtain prior approval from the CBE or MLCU.

Alaa Farouk, Chairman of the Agricultural Bank of Egypt (ABE), stated that the CBE’s new rules for bank accounts is an important step toward providing better access to the nation’s financial system.

Farouk added that the new guidelines will help more individuals and companies as it will allow them to gain access to the banking sector and the formal economy. This should also benefit small traders and owners of SMEs in the country. It can even help promote the use of digital payment methods and reduce Egypt’s dependence on cash, Farouk said.

As reported recently, Egypt’s Banque

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Looking For Creative Ways To Give Out Candy? CBS2 Has Your Halloween Guidelines

Looking For Creative Ways To Give Out Candy? CBS2 Has Your Halloween Guidelines

RUTHERFORD, N.J. (CBSNewYork) — Halloween is on in New Jersey despite the coronavirus pandemic, but safety will be key.

CBS2’s Vanessa Murdock has some ideas before you and your kids go trick-or-treating.

Ghosts and goblins await your arrival on All Hallow’s Eve.

“I’m actually really excited,” 9-year-old Angelica Mullahey said.

Angelica said she doesn’t want to miss trick-or-treating with friends again. Remember Superstorm Sandy? That’s why she’s thrilled her little sister, Lauren, is in the know.

“Yes, I heard it from my friend’s mom,” Lauren said, referring to Gov. Phil Murphy’s announcement that Halloween will be held this year.

“Us as adults, we have to adapt, but the kids … when you take things away from them, that’s a little sad,” Rutherford parent Ed Bucey said.

MORE: CDC: Trick-Or-Treating, Costume Parties Considered High-Risk This Halloween

You might say the news is music to Bucey’s ears. His 6-year-old daughter, Ella, loves Halloween and plans to be Elsa from Frozen.

Ten-year-old Ethan knows his stuff, saying safety must remain a priority.

“Don’t get carried away with all the candy and trick-or-treating. It’s still COVID. We can still get germs,” Ethan said.

For tips, Murdock turned to Dr. Sunitha Posina, who advised parent to assess your own risk and your neighborhoods.

“Really determine how the infection rates in your community are. That becomes the most important thing,” Posina said.

If you’re in a safe zone, plan accordingly.

“Masks are non-negotiable,” Posina said.

At the Fun Ghoul Costume Company in Rutherford shelves are stocked with everything you’ll need this Halloween, even the mask for under the mask.

“I guess you gotta wear something like this, a novelty one, ‘Taste the Blood of Dracula,” Fun Ghoul’s Cliff Witmyer said.

More important tips from Posina include kids not touching their face and “not eat candy

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