2007-11-01

Full disclosure to customers about the specifications and conditions of retail banking

The letter, addressed to the Chairman of the Board of Directors of a bank, highlights the importance of complying with the Central Bank of Egypt's regulations regarding transparent disclosure of retail banking product specifications and terms to customers, specifically personal loans and the calculation of returns. It requests that the bank pay attention to adhering to the relevant articles regarding mandatory full disclosure of return rates and banking service prices in contracts with customers and in publicity materials. The letter emphasizes the need for disclosing the actual annual return rates applied to these products to enable customers to understand their features, terms, and costs.

Egypt

Central Bank of Egypt

Show thumbnail