Cairo – Mubasher: The Central Bank of Egypt has announced the main points it received from banks regarding the postponement of customers’ credit liabilities for a period of 6 months.
The Central added in a statement issued today, Sunday, that credit entitlements are all amounts due to be paid for all credit facilities, whether short-term or current or future loan installments, in addition to returns, so that all entitlements and payment schedules are automatically posted starting from the date the instructions are issued for a period of 6 months, And notify clients of any available means of communication.
The Central clarified that the instructions apply to all clients, whether regular or irregular individuals and institutions, including financial leasing companies, real estate financing and factoring, medium and small companies, and include the facilities entitlements granted in all types of guarantees, as well as clients of initiatives issued by the Central Bank.
He mentioned that the facilities of individuals are as follows: consumer loans, which are personal loans, credit cards and car loans for personal use, as it included real estate loans for personal housing.
The Central continued: that the new instructions do not apply to loans granted starting from the date of issuance of instructions..
The central bank stressed the banks ’commitment not to impose any returns or commissions on delay on postponement. Only the rate of return applied to loans is calculated in accordance with the contracted pricing mechanism at the time the instructions are issued, provided that the customer is informed of the additional cost that he will incur resulting from the postponement..
He pointed out that in the event the client does not wish to benefit from the delay or incur an additional cost resulting from it, his request will be complied with.
Sources in the Egyptian Central Bank revealed to Mubasher last Thursday that the decision to postpone all credit entitlements for institutional and individual clients for a period of 6 months would not include interest.
The sources added that the customer, whether an institution or individuals, must apply to the bank to postpone the loan maturities.
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Economic Suez Canal joins the Organization of African Economic Zones
The World Bank provides a $ 500 million financing package for low-income housing in Egypt
Upper Egypt Contracting buys 11 million treasury shares
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