Regulatory Alerts2007-11-01
Added · Updated
Full disclosure to customers about the specifications and conditions of retail banking
The Central Bank of Egypt requires registered banks to fully disclose the actual annual effective interest rates and service charges for retail banking products, including personal loans, in all customer contracts, branches, and media communications. This directive mandates compliance with Article 40 of Law No. 88 of 2003 and Article 17 of its Executive Regulation to ensure transparency regarding the true cost to borrowers. The bank will actively monitor adherence to these disclosure obligations.
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