Regulatory Alerts2015-06-14
Added · Updated
Extending the work period of the tourism initiative until June 2016
The Central Bank of Egypt extends the validity of the tourism sector support initiative, originally issued by Board of Directors Resolution No. 130 on March 13, 2013, for one additional year until the end of June 2016. The extension also applies to Article 4 of the initiative, which permits reducing the yield rate below the minimum floor and excluding clients from settlement accounts when prices fall below credit and discount rates, effective until June 2016. Banks are instructed to treat the determinants outlined in the initiative as guidelines for evaluating individual cases and making appropriate decisions.
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