Regulatory Alerts2020-06-24
Added · Updated
Circular dated June 24, 2020 obliging banks to notify irregular customers to delete historical information and lift the ban on dealing with them
The Central Bank of Egypt requires banks to notify customers subject to credit reporting restrictions about the reduction of disclosure periods to six months or one year following repayment and the lifting of bans on dealing with them. Banks must inform conditional ban customers of their current status regarding the removal of restrictions and the restoration of freedom to deal with all banks based on individual credit assessments. Banks are obligated to fully comply with these instructions and report their actions to the Central Bank within one month of the circular's date.
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