CBE announces measures to shield Egypt economy of coronavirus impact

Central Bank of Egypt issues new measures to banks working in Egypt to fight coronavirus which include postponing all due payments on SMEs loans for six months while not applying any additional fees and interests on late payments.

The measures to cushion impacts of  Coronavirus on the Egyptian economy include following up on sectors most hit by the Coronavirus and develop plans to support them.

The CBE also decided to halt commissions on points of sale, ATMs withdrawals and e-wallets for six months.

Among the package of measures there was increasing the daily limits for debit and credit cards while urging customers to carry out bank transactions through electronic channels and cards instead of cash transactions.

The procedures also include keeping bank deposits locally in branches as reserves as well as urging clients to use credit and debt cards instead of cash.

The bank was ready to intervene immediately to maintain banking and monetary stability if necessary, after the government announced steps to contain the coronavirus outbreak.