Regulatory Alerts2022-04-27 | CBE10.5Added · Updated
CBE Regulation Book 10.5 - Initiatives For Defaulting Customers. Initiative For Irregular Customers From Natural Individuals.
The Central Bank of Egypt introduces an initiative for natural persons with irregular payments, applicable to those with total outstanding balances below 1 million EGP as of September 30, 2019. Participants who pay 50% of the net debt balance without accrued interest receive removal from credit blacklist systems, a one-year historical disclosure, release of non-cash guarantees, and lifting of transaction bans. The initiative is effective from its issuance date until March 31, 2021, and applies to those who settled before September 30, 2019.