CBE announces regulations for paying postponed debts

The Central Bank of Egypt (CBE) announced a new set of regulations to collect the proceeds on debts an loans during the six-month suspension period.

The proceeds on clients’ debts during the six-month suspension period 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.

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.