Amer: Moratorium on Loan Repayments for Six Months

Tarek Amer, the Governor of the Central Bank of Egypt (CBE) said that the bank decided to postpone the repayment of loans for a period of 6 months to support facing the repercussions of the coronavirus, covering all the loans for companies in all sectors and industries.

Amer added that the decision also includes all clients, whether they are regular, late payment or defaulting.

The CBE directed banks to postpone the collection of credit benefits on inpiduals and institutions for a period of 6 months, in light of the precautionary measures that must be taken to confront the consequences of the deadly virus.

The Bank stated that in the light of following up the conditions and developments of the banking sector, it was decided that the banks postpone all credit entitlements for institutional and inpidual clients, including loans for consumer purposes, real estate and auto loans with no additional returns or fines applied to late payment, provided that the decision does not include credit card customers.