Regulatory Alerts2020-02-20
Added · Updated
Circular dated February 20, 2020 following the initiative for irregular legal persons (creditworthiness categories 9 and 10)
The Central Bank of Egypt amends the initiative for irregular legal persons with debts under 10 million EGP by modifying Item 4 and canceling Item 5. Under the modified Item 4, clients who make cash or in-kind payments according to their cash flow projections are removed from the credit blacklist, the ban on dealing with the debt is lifted, pending court cases are dropped, and all guarantees are released. Item 5 is entirely canceled to unify treatment conditions and facilitate the reintegration of these entities into the economic system.
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