ArabFinance: The Central Bank of Egypt (CBE) announced that the six-month postponement of credit installments ends on September 15th, according to an official circular.

The CBE will not extend the freeze on loan payments, the statement indicated.

Local banks are requested to review the existing credit facilities, while determining the suitable procedures for the clients to pay the installments based on their ability, the central bank elaborated.

It added that the procedures should not affect the businesses’ liquidity and continuity of activity, as well as the individuals whose income was negatively impacted.

The CBE decided last March to put off loan payments to ease pressure on borrowers, in line with the outbreak of the COVID-19 pandemic.

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.