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Central Bank updates consumer finance rules
The Central Bank of Egypt issued instructions prohibiting the granting or renewal of credit facilities to consumer finance companies for funding prohibited activities, including dealing in gold bars, jewelry, and precious metals such as silver and platinum, in accordance with the guidelines of the Financial Regulatory Authority. It also emphasized the necessity of settling any existing debts related to these activities and not reusing them, along with the requirement to adhere to the regulations governing the granting of facilities. Companies must obtain a clearance letter from the Authority before applying for or renewing credit to ensure compliance with standards and the absence of prior violations or penalties.
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