Regulatory Alerts2007-11-01
Full disclosure to customers about the specifications and conditions of retail banking
Greetings, I would like to emphasize the importance of banks' transparency in disclosing to their clients all aspects of fees and charges for their banking products and personal loan interest rates, including changes. This is crucial to ensure customers understand what they will pay as expenses. Therefore, I request you to pay attention to adhering to the provisions of the two articles mentioned below concerning transparency in disclosing credit fees or modifying interest rates or service fees to clients, and in bank statements, other communication methods, and published media. Specifically, it is important to disclose clearly the current monthly average rates applied to these products with all their main characteristics and costs to enable customers to understand them better. This will be a topic of continued monitoring by the Central Bank of Egypt. I request your kind cooperation. Best regards, Tarek Amer