Egypt’s central bank announces new facilities for debts and loans amid coronavirus outbreak

Doaa A.Moneim , Thursday 16 Apr 2020

Central Bank
The Egyptian Central Bank offices in Cairo, Egypt (photo: Reuters)

The Central Bank of Egypt (CBE) announced on Thursday that proceeds on clients’ debts during the six-month suspension period the CBE approved recently will be set according to the remainder of the facility, not the total value.

In March, the CBE instructed all banks to postpone credit dues over individual debts, including real estate loans and loans for consumer purposes, for six months with no fines or deposits in case of late payment amid the COVID-19 outbreak to ease banking operations for clients and alleviate burdens on them.

According to a circulated book sent to all banks on Thursday, the CBE instructed banks not to ask clients to repay the suspended proceeds with the first installment that will be collected after the suspension period ends.

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