Regulatory Alerts2017-10-16
Added · Updated
Circular dated October 4, 2017 regarding unifying the expenses included in the return price of small and medium enterprise initiatives
The Central Bank of Egypt mandates that banks applying preferential interest rates under SME financing initiatives must include all commissions and fees in the final price, with the sole exceptions of commercial mortgage expenses (including advisory expert fees) and taxes and stamps under applicable laws. This requirement applies to customers meeting the initiatives' conditions and is effective from the date of issuance to ensure uniform application of the announced rates.
Topics
credit
monetary
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