Regulatory Alerts2022-04-12 | CBE5.2CBE Regulation Book 5.2 - Disclosure Of The Specifications And Conditions Of Retail Banking Products
To increase transparency for bank customers, banks registered with the Central Bank of Egypt are required to fully disclose to customers, before contracting, the terms and conditions of the retail banking products offered, as well as the calculation basis for the cost or return of these products. This includes all means of communication with customers, such as brochures, websites, and customer service branches. The Central Bank of Egypt's Board of Directors is responsible for setting the rules for disclosure and the required statements, as well as the method of publication. Banks must disclose the effective annual interest rates for their financial products and services, either in the contract before signing, on their websites or customer service branches, or through other means of communication with customers.