The banking system in Egypt is made up of fifty-seven stated-owned commercial banks, including 28 commercial banks, 26 investment banks, and three specialized banks. Of the investment banks, 11 are joint-ventured banks and 15 are branches of foreign banks.

The banking system continues to grow, although private and joint venture banks remain small with very few branches.

Since the 1990's, Egypt's banking system has undergone major transformations. Today they are faced with a liberalized and modern system, which is supervised and regulated according to the international standards.

Improvements with CBE (Central Bank of Egypt):

1. Introduction of laws giving more independence to the CBE, and an electronic signature law
2. Participants will be able to gain online access to clients' credit profiles with the development of an automated credit risk information system (CRIS),
3. Management reforms of the four public sector banks, making clear the responsibilities of managers and boards of directors
4. Regulation of connected and related party lending

Although the banking systems and policies still stagger behind those in other Western states as far as supply mortgage option products, this may all soon change.

As of right now, the mortgage market is underdeveloped and it is difficult if not impossible for foreigners to mortgage property in Egypt. A new mortgage law, which is soon to take affect, will change this, enabling foreigners to take out property loans. The will allow the market to open up considerably and it is predicted that real estate development will be plentiful in Egypt.

Currency

In Egypt, the most commonly found notes are 1, 5, 10, 20 and 50 pound notes. Coins are seldom used because they have little value. One-hundred (100) pieastres equal one Egyptian pound (£E).

Bank opening times

The majority of banks have hours of 8.30 am to 2 pm daily. Most of them are closed on Fridays, Saturdays, and most holidays.

Exchanging money

You will receive an official receipt when you exchange money. This should be kept in a safe place in the event of an inspection. You can easily exchange money at the big hotels and cash point machines (ATM's) are available for you to withdraw cash.

The Egyptian banking system is making attempts to get up to speed with the Western banks. New laws will make it easier for foreigners to purchase property and will surely be a boost for the economy opening up many doors for Egyptians.