Regulatory Alerts2023-08-22
Added · Updated
Circular dated December 25, 2022 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 March 2023
The Central Bank of Egypt extends the validity of the tourism sector support initiative and the retail loans initiative for tourism workers by three additional months, until the end of March 2023. Banks are authorized to accept deferral requests for bank receivables under the support initiative and to defer retail loans and housing loans for regular tourism workers under the retail loans initiative. Existing deductions remain in effect, subject to International Financial Reporting Standard 9 requirements, and banks may defer receivables for tourism workers who have benefited from the retail loans initiative since its issuance on December 7, 2015.