CBE Extends Commission Exemption on Local Transfers until Sep. 15

The Central Bank of Egypt (CBE) instructed on Sunday to extend the period for exempting local transfers in the Egyptian pound from all commissions and related expenses until September 15th.

The CBE said in a statement today that the decision comes in light of the continued application of the precautionary measures taken to limit the use of cash in order to face the coronavirus.

In a statement, the CBE directed the banks to support the infrastructure and remittance departments in order to execute customer requests on the same day, to encourage them to use banking services and urge them to limit the use of cash.

In March, the Central Bank issued instructions regarding exempting local remittances in the Egyptian pound from all commissions and related expenses for a period of three months, in order to reduce the dealings with the banknotes in light of the coronavirus crisis.

CBE works to enhance fiscal stability amid COVID-19

It is note worthy that Egypt is expected to receive a $ 5.2 billion loan from the International Monetary Fund (IMF) to support the country maintain macroeconomic stability and push forward major structural reforms amid the shock of the COVID-19.

Meantime, currency-generating sectors, such as exports, tourism and investments, were hit hard by the COVID-19 pandemic, however, other sources, such as remittances from Egyptians abroad that have reached a record level, and the stability of the Suez Canal revenues, contribute to supporting the reserve in recent months.