Regulatory Alerts2021-01-13
A circular dated January 13, 2021 regarding the emphasis on notifying tourism sector clients of the initiatives issued to them and that bank employees are aware of all initiatives.
On January 13, 2021, an address by Dr. Taqi Al-Amri, the President of the Central Bank of Egypt, discussed the challenges faced by banks in implementing the Central Bank's tourism sector initiatives. He highlighted that while there were ongoing initiatives from the central bank to provide support for the tourism sector, many employees in this field are unaware of these programs due to a lack of proper communication and details about them within their respective branches. He emphasized the following three key points: 1. Communicate clearly with all employees about the guidelines of the initiatives through your bank's internal channels. 2. Collaborate with the regulatory authorities of the Central Bank as soon as they release new guidelines or updates. 3. All bank branches should provide a customer service hotline for their employees, ensuring that they are well-informed and aware of all details related to these initiatives. Furthermore, report any refusals in granting credit facilities under these programs and explain the reasons behind these decisions. He urged banks to fully comply with these suggestions and thanked everyone for their cooperation.