2017-04-03

A circular dated April 3, 2017 regarding the mechanism for compensating the return price difference for the tourism, companies, and medium-sized enterprises initiative.

The letter discusses three initiatives by the Central Bank of Egypt to support the tourism and hospitality industry and small and medium-sized enterprises. The initiatives offer a total of 15 billion Egyptian pounds in funding at reduced interest rates of 10% and 12%. The letter outlines the mechanism for compensating banks for the difference in interest rates and emphasizes that the applied interest rates are simple and decreasing, including a commission on the highest debit balance. Compliance with the initiatives' framework will be monitored, and any non-compliance will result in deductions from the banks' balances at the central bank.

Egypt

Central Bank of Egypt

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