Regulatory Alerts2022-03-29 | CBE5.1Added · Updated
CBE Regulation Book 5.1 - Approvals For The Issuance Of New Savings Systems
The Central Bank of Egypt mandates that banks obtain prior approval for the terms of new savings systems, including early withdrawal rules and minimum tenors. For savings systems with contracts of three years or longer to remain excluded from reserve requirements, new issuances must have a minimum early withdrawal period of six months, specify fixed or variable return rates linked to central bank or treasury rates, and disclose full terms to customers. Additionally, returns on certificates redeemed before maturity must be recalculated based on new issuance rates, and loans secured by such certificates must carry interest rates at least 2% higher than the certificate's rate.