Regulatory Alerts2024-04-15 | CBE10Added · Updated
CBE Regulation Book 10 - Measures Of The Central Bank Of Egypt To Limit The Repercussions Of The New Corona Virus
The Central Bank of Egypt reduces key interest rates by 300 basis points between March 2020 and December 2021, with further cuts in September and November 2020. Banks are mandated to defer all credit maturities for SMEs and individuals for six months, followed by restructuring obligations in September 2020, while issuing free electronic wallets, waiving fees for mobile transfers and card payments, and increasing cash withdrawal limits. The regulation also updates interest rates for specific CBE initiatives, permits remote board meetings, adjusts IFRS 9 application rules, and requires banks to implement business continuity plans and enhanced digital payment services.