CBE won’t extend suspensions of loans payments for another 6 months

The Central Bank of Egypt (CBE) has decided not to extend the suspension of all due payments on loans for another six months, according to a circular the CBE sent to all banks on Monday.

Banks will begin the process of collecting monthly installments from individuals and corporations, CBE added.

The CBE has instructed all banks to review the current situation of their clients and to start collecting monthly installments without causing further pressure on corporations’ liquidity or on the individuals’ incomes.

The six-month credit account suspension period is set to end on Thursday.

Since the onset of the COVID-19 outbreak, the CBE has taken 14 procedures to metigate the negative impacts of the pandemic on individuals and the Egyptian economy in general.

The procedures included setting new limits for cash deposits and withdrawals for individuals and corporations, raising the limit of daily cash withdrawals from ATMs to EGP 20,000, up from EGP 5,000, and from banks to EGP 50,000, up from EGP 10,000, and slashing the key interest rates by 3 percent (300 bps).