Regulatory Alerts2021-01-13
A circular dated January 13, 2021 confirming that tourism sector clients are notified of the initiatives issued to them and that bank employees are aware of all initiatives.
In a letter dated January 13, 2021, the Governor of the Central Bank of Egypt, Tarek Amer, addresses the Chairman of the Board of Directors of a bank in Cairo. The letter refers to recent tourism sector initiatives launched by the Central Bank and notes that the uptake of allocated funds has been low due to a lack of awareness among customers about the details and conditions of the initiatives. To address this, the Governor instructs the bank to notify all its tourism sector clients in writing about the terms and conditions of the initiatives and to provide a copy of these notifications to the Central Bank's Office Control Sector. The Governor also requests that the bank ensure that its hotlines can answer customer inquiries about the initiatives and that staff are well-informed about the terms and conditions.