CBE erases blacklists, lifts restrictions on defaulters

The Central Bank of Egypt (CBE) has decided to cancel the blacklist of companies and individuals and lift the ban on defaulters, a move that would be beneficial to more than 8,000 companies and over 100,000 citizens.

The decision is a new step that would ease the burden on irregular bank clients, CBE said.

The step is part of a package of measures taken by the state to re-operate factories and companies with the aim of accelerating production and reaching aspired growth rates, the bank said.