Regulatory Alerts2020-09-15
A circular dated September 15, 2020 regarding commissions and fees on banking services
Banks in Egypt will continue to provide digital banking services for individual and corporate clients, free of charge until the end of 2021. This includes all banking transactions, money transfers, credit facilities, debit cards, and e-payments. Moreover, the Central Bank of Egypt has decided that banks must stop collecting fees or commissions related to foreign exchange operations between various currencies in foreign currency accounts. Additionally, for card payments, customers will be exempt from paying any fees or commissions starting from October 1st until the end of this year. Finally, all banks must continue adopting measures stipulated in the Central Bank's Circular Letter No. **20-373** dated March 5th, 2020, with some changes regarding their online banking services.