Without fines .. “Central” obliges banks to postpone loan installments for 6 months to meet “Corona”

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The Central Bank of Egypt obliged the banks to postpone all credit entitlements for institutional and individual clients to include loans for consumer purposes and real estate loans for personal housing, for a period of 6 months, with no additional returns or delay penalties for late payment.

Tareq Amer, Governor of the Central Bank, confirmed that this decision is attached to the precautionary measures taken by the Central Bank to confront the emerging Corona virus “Covid 19”.

The Governor warned the banks to take the necessary measures to implement the decision as of Sunday 15 March 2020, in light of the Central Bank’s follow-up of the conditions and developments of the banking market.

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