Regulatory Alerts2022-04-12 | CBE5.2Added · Updated
CBE Regulation Book 5.2 - Disclosure Of The Specifications And Conditions Of Retail Banking Products
The Central Bank of Egypt mandates that all registered banks must fully disclose the actual annual interest rates and service fees for retail banking products to customers before contracting, upon renewal or modification, and through all communication channels including branches, websites, and direct mail. Banks are required to ensure that all advertised rates and administrative fees comply with prior CBE approvals to prevent market confusion and unfair competition. The regulation explicitly prohibits the use of flat rates (Rate Flat) in contracts with banks or third-party suppliers for financing goods and services, requiring instead the disclosure of effective annual interest rates.
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