Region

Jurisdiction

Regulator

2013-12-02

Extending the Tourism Initiative Work Period Until December 2014

The Central Bank of Egypt, through its Circular No. 130 dated March 13, 2013, is extending the tourism initiative until December 2014 due to the sector's economic importance and foreign currency contribution. The initiative now includes air transport in addition to hotels, tourism projects (excluding those for sale), travel and booking services, tourism transport, restaurants, beverages, and entertainment in tourist areas. Furthermore, the period for applying the fourth clause, which allows for reduced interest rates without a minimum, ends in March 2015, with banks still required to assess each case individually.

Egypt

Central Bank of Egypt