CBE: Banking Sector Incurred Exemptions worth EGP 4.7 Bln to Confront Pandemic 

The banking sector incurred more than EGP 4.7 billion in exemptions due to the precautionary measures taken to confront pandemic, including facilitating and encouraging the use e-payment methods in line with the state’s direction to reduce society’s dependence on banknotes, according to the Central Bank of Egypt (CBE) official.

The official added, in statements to the Middle East News Agency (MENA), that the central bank decided yesterday to extend these exemptions until the end of the year to ease the burdens on citizens and boost the national economy.

These exemptions come as part of the decisions taken to face COVID 19, which included exempting the clients from all the expenses and commissions on bank transfers in Egyptian pound, issuing e-wallets for free and cancelling all fees on transfers between cell phone accounts and any bank account, the source said.

The exemptions come within the decisions taken to confront the pandemic, which included exempting customers from all expenses and commissions on bank transfers in the Egyptian pound, including ones from cell phones to any bank account. The issuance of electronic wallets was also exempted from fees.

The source pointed out that the decisions also included exempting any fees on withdrawals from pension exchange cards.

The Central Bank also bore the expenses of cash withdrawals for from ATMs, at a value worth EGP 60 million to 70 million since the outbreak of the pandemic.