Banks are obliged to notify customers when removed from blacklists: CBE

The Central Bank of Egypt (CBE) has issued new instructions, requiring banks to notify their customers when procedures are taken to remove them from the blacklist.

The instructions are aimed at accelerating the completion of procedures to enable the borrowers to benefit from the decision issued in April for cancelling blacklists for individuals and corporates from which more than 100,000 citizens and over 8,000 companies will benefit, according to a statement released in the early hours of Wednesday.

Under the decision, the period of notification about previous defaulters was cut to six months from three years.