2017-10-16

A circular dated October 4, 2017 regarding unifying the expenses included in the return price of small and medium enterprise initiatives

In an effort to facilitate access to bank financing for small and medium-sized businesses, the Central Bank of Egypt has issued several initiatives offering reduced interest rates on credit facilities. However, there have been discrepancies in the implementation of these initiatives by banks, with some waiving commissions and expenses for clients, while others have not. To address this, the bank has decided that the announced interest rates for these initiatives are final and inclusive of all commissions and expenses, except for commercial mortgage expenses and applicable taxes and stamps as per prevailing laws. This decision is effective immediately.

Egypt

Central Bank of Egypt

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