Regulatory Alerts2021-12-23
Added · Updated
Circular dated December 23, 2021 regarding extending the period of work in the tourism sector initiative and the retail loans initiative for workers in the tourism sector until the end of 2022
The Central Bank of Egypt extends the Tourism Sector Support Initiative and the Retail Loans Initiative for Tourism Sector Workers until December 31, 2022. The extension allows for loan repayment deferrals of up to three years for the Tourism Sector Support Initiative and up to six years for the Retail Loans Initiative, calculated from the maturity date of the first installment due on or before November 30, 2021. Banks are required to apply International Financial Reporting Standards (IFRS 9) and notify customers of these measures effective immediately.