Regulatory Alerts2023-08-22
A circular dated December 25, 2022 regarding extending the period of work in the tourism sector initiative and the retail loans initiative for workers in the tourism sector until the end of March 2023.
On December 25th, 2022, the Governor and Chairman of the Board of Central Bank of Egypt announced the following decisions: 1. A three-month extension of the Sector Support Initiative for companies working in the tourism sector to end by March 2023, with no additional requests accepted after this period for deferring bank meetings with respect to the aforementioned initiative. 2. A three-month extension of the Tourism Employees Loan Programme to also end by March 2023. Banks will be allowed to reschedule loan repayments until January 30, 2023, for real estate loans, and for all other tourism employees working at Central Bank 2022, with the extension of these provisions applying only to existing employees in the sector. 3. No change will be made to the existing repayment timetables. 4. In accordance with IFRS9 (International Financial Reporting Standards), banks must ensure compliance with these standards. 5. The deferral of bank meetings for tourism industry employees who have been participating in the Tourism Employees Loan Programme since December 7, 2015, is allowed. Please note this as a matter of obligation **from its date**. Accept our highest regards,