Regulatory Alerts2023-07-24
Added · Updated
Circular dated July 24, 2023 regarding the cancellation of the low-yield initiative
The document instructs bank board chairs to cease all new financing under the low-yield initiative effective July 5, 2023, following the Cabinet's approval to cancel the program. Banks must stop issuing new facilities under this initiative immediately and await the issuance of new, coordinated regulations from the Financial Regulatory Authority and the Central Bank of Egypt. Compliance with this cancellation decision is mandatory from the date of the Cabinet's resolution.
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