Regulatory Alerts2020-04-07
Added · Updated
Circular dated April 7, 2020 amending the decision issued regarding the rules regulating the credit registration system at the Central Bank
The Central Bank of Egypt amends the rules for the credit registration system, lowering the monthly reporting threshold for credit facilities to 100,000 EGP and removing negative lists for agricultural loans. It establishes new classifications for non-performing corporate and individual customers, including categories for debt restructuring, settlements, and legal proceedings, while mandating the removal of historical data for settled accounts after specified periods (six months to one year). Banks are required to clean their databases, stop dealing with certain high-risk non-compliant customers, and submit updated data to the Egyptian Credit Bureau within three months of the circular's effective date.