Regulatory Alerts2014-12-30
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Extending the work period of the tourism initiative until June 2015
The Central Bank of Egypt extends the validity of the tourism sector support initiative for six months, ending at the end of June 2015. The bank also extends the application of Article 4 of the initiative, which allows for interest rate reductions below the minimum without mandatory inclusion in settlement accounts during price drops, until the end of June 2015. The document clarifies that the determinants within the initiative are guidelines for banks to study each case individually and make appropriate decisions.
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