2016-05-23

A circular dated April 19, 2016 regarding banks undertaking activities to market banking products in certain gathering places.

In a letter dated April 19, 2016, addressed to the Chairman of the Board of Directors of a bank, Mr. Tarek Fayed requests confirmation of the requirements for banks to obtain prior approvals from the Central Bank of Egypt to avoid penalties for non-compliance. He emphasizes that marketing and promotional activities for bank products should be limited to specific events and locations for a temporary period, without conducting any banking transactions or accepting applications. Banks are allowed to be official sponsors of certain events for marketing purposes without the physical presence of their representatives, provided they notify the Central Bank in advance.

Egypt

Central Bank of Egypt

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