Regulatory Alerts2022-04-27 | CBE10.5Added · Updated
CBE Regulation Book 10.5 - Initiatives For Defaulting Customers, Initiative For Irregular Customers From Legal Persons
The Central Bank of Egypt issues an initiative for legal person customers with doubtful or bad debts under 10 million EGP to resume economic activity, requiring cash or in-kind payments by September 30, 2019, with the initiative running until June 30, 2021. Successful participants are removed from credit blacklist systems, exempted from transaction bans, and have their guarantees released and court cases withdrawn. Banks must conduct credit studies, avoid excessive personal guarantees, and refrain from using cheques as security for facilities.
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