Regulatory Alerts2020-02-26
A circular dated February 26, 2020 regarding extending the reconciliation period to conduct field inquiries about suppliers of credit clients.
In a letter dated February 26, 2020, the Egyptian Central Bank extended the grace period for banks to comply with instructions regarding field inquiries for existing client suppliers by an additional three months, ending in June 2020. This extension was granted to facilitate the process of granting financing and to support various sectors. The original instructions, issued on December 3, 2019, required banks to take certain measures before granting credit to customers for working capital to pay supplier dues.
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credit