Regulatory Alerts2014-12-30
Extending the work period of the tourism initiative until June 2015
Mr./Professor, Governor of the Central Bank of Cairo on December 25th, 2014: In a friendly greeting... Tourism is one of the most important and concentrated sectors of the economy and is a major source of foreign currency for Egypt. Therefore, the Central Bank of Egypt will support the tourism sector through several initiatives, including: - A 6-month period to support the tourism sector, ending in June 2015. - The fourth tranche of the initiative, which includes a reduction in interest rates without increasing operating costs and excluding employee salaries. These terms will be reviewed in June 2015, with the understanding that the guidelines provided by the Central Bank are guiding principles for banks to assess each case individually and make appropriate decisions accordingly.