2021-08-04

Circular dated August 4, 2021 regarding regulatory instructions regulating dormant accounts

The letter outlines the Central Bank's decision to issue a unified definition of active and dormant accounts in the banking sector to accurately measure financial inclusion. It defines dormant and active accounts and outlines procedures for reactivating dormant accounts. Banks are instructed to notify customers before and after classifying their accounts as dormant, waive fees for reactivation, and protect customer rights. The letter emphasizes the importance of reducing fees for dormant accounts, especially those with low balances.

Egypt

Central Bank of Egypt

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