CBE will not extend suspension of credit payments

SectorFinancial Services

The Central Bank of Egypt (CBE) has decided not to extend the six-month credit payment suspension period for individuals and corporations and to begin the process of collecting monthly instalments, according to a circular the CBE sent to all banks on Monday. The CBE has instructed all banks to review the current situation of their clients and to start to collect monthly instalments without causing further pressure on corporations’ liquidity or on the individuals’ incomes. The CBE has also put in place several alternative procedures to mitigate the burdens shouldered by clients through restructuring their debts that arose during the six-month suspension, especially for businesses severely affected by the COVID-19 outbreak. The alternative procedures include extending the period of credit facilities, restructuring the due instalments without imposing fines, ...read more...