Regulatory Alerts2021-01-13
Added · Updated
Circular dated January 13, 2021 regarding the emphasis on notifying tourism sector clients of the initiatives issued to them and that bank employees are aware of all initiatives
The Central Bank of Egypt requires banks to formally notify tourism sector clients in writing of the conditions and specifications of recent initiatives due to low utilization rates caused by insufficient information at branches. Banks must submit copies of these notifications to the Central Bank's Office Supervision Sector immediately upon issuance and provide monthly reports detailing any rejections of credit facilities under these initiatives, including reasons for rejection. Additionally, banks must ensure employees are fully aware of all initiative terms and establish a hotline to answer client inquiries regarding them.