Regulatory Alerts2013-07-28
Circular CN-BSD/2013/3: Credit Card Charges
The Central Bank of Sudan issued Circular CN-BSD/2013/3 to mandate enhanced transparency in credit card billing practices. All banks are required to include specific details in credit card statements, such as minimum payments, total interest, late fees, other charges, and exchange rates. This directive ensures consumers receive a clear breakdown of costs associated with their credit card transactions.
Circular no: CN-BSD/2013/3
28th July 2013
To: All Banks
Dear Sirs,
Credit Card Charges
In order to be more transparent, all banks are required to show details and breakdowns of credit card bills, including the following at a minimum, in the credit card statements:
- minimum payment required
- the total interest amount charged
- late payment fees, if any
- other charges, if any
- exchange rate used in billing for each transaction
Yours sincerely,
[Signature] Neeza Imad Assistant Governor Financial Stability
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