2016-02-23

Circular dated February 23, 2016 amending the initiative to support the tourism sector

The letter, dated February 23, 2016, is addressed to the Chairman of the Board of Directors of a bank in Cairo, Egypt. It refers to a tourism sector support initiative launched in March 2013 and subsequent circulars, highlighting the importance of the tourism sector to the Egyptian economy. The Central Bank of Egypt's Board of Directors has decided to amend the terms of the initiative, allowing for the deferral of all existing obligations for up to 3 years and providing guidance on the treatment of regular and overdue payments during this period. The letter also emphasizes that the initiative's guidelines are advisory, and banks are expected to study each case individually and make appropriate decisions.

Egypt

Central Bank of Egypt

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