Regulatory Alerts2021-07-06
A circular dated June 23, 2021 regarding extending the exemption of some banking services from commissions in light of the precautionary measures to confront the Corona virus.
The Central Bank of Egypt has decided to abolish all credit card fees and commissions starting from July 1st, 2021, for all bank customers. This applies to all types of cards including credit, debit, and prepaid ones. Additionally, the bank announced that it will not charge any fees on online transactions made by small, medium, and large companies as a part of its Small & Medium-sized Enterprises (SMEs) development initiative. The Central Bank has also decided to exempt all credit cards from foreign exchange fees. The Central Bank also announced the abolishment of all types of fees charged on transactions made by credit cards such as annual fees, transaction fees, and late payment charges. In addition, the central bank will work closely with banks in Egypt to ensure the smooth implementation of these decisions.