Regulatory Alerts2022-03-29 | CBE5.1CBE Regulation Book 5.1 - Approvals For The Issuance Of New Savings Systems
Banks must obtain the approval of the Central Bank of Egypt for the issuance of new savings systems, including the rules governing customer withdrawals and the minimum duration before withdrawal. The minimum duration for withdrawal before the maturity date is six months, and the interest rate on the certificate is either fixed or variable. Full disclosure is required when announcing new issuances, including key features and terms, so that customers can make informed decisions before subscribing.
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