The Central Bank of Egypt (CBE) issued instructions to operating banks regarding the implementation of proactive measures to limit the spread of the novel coronavirus, including the cancelling of fees and commissions on banking activities and withdrawals from ATMs for a period of 6 months, as well as increasing the daily limits for dealing with debit and credit cards.
These instructions come in conjunction with the direction of the state and in the interest of safety, security and stability of the banking sector and customers, and to ensure that banks carry out their various banking activities efficiently.
The CBE’s instructions include delaying the credit entitlements of small and medium sized enterprises (SME’s) for a period of 6 months, in addition to removing additional interest and fines to late payments.
The Central Bank stressed that it monitors the developments at the local and international levels to intervene immediately by taking any measures necessary to maintain banking and monetary stability, stressing to the bank’s need to fully comply with these procedures in an quick manner.
The instructions indicated that the banks should immediately provide the necessary credit limits to meet the importing operations of basic and strategic commodities to cover the needs of the markets, and provide the credit limits necessary to finance the payment of employees’ salaries.
It also urged employees to implement banking transactions through electronic payments and cards instead of cash transactions. The CBE also stressed on the instant feeding of ATM machines, through periodic maintenance, and the continuity of money transfer companies operation.
The instructions also included laying out urgent plans to increase the credit limits with external banks in order to ensure the continued provision of funding for foreign trade operations, and to maintain customer deposits to form large bank reserves at each bank, as well as replacing large amounts of cash withdrawals with transfers or bank checks.
