2014-09-29

Disclosure of the actual annual rates of return

In a letter dated September 18, 2014, the Chairman of the Central Bank of Egypt expresses concern about banks' non-compliance with disclosure regulations set by the Central Bank of Egypt Law and the Monetary and Banking Act of 2003. To protect consumers and enhance customer confidence in the banking sector, the Central Bank's Board has mandated that banks must disclose the effective annual interest rates on their products, including deposits and loans, and that flat rates are prohibited. The letter emphasizes the importance of transparent and accurate disclosure of interest rates to customers.

Egypt

Central Bank of Egypt

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