RegAlertRule · CBE · 26 Feb 2020
Circular dated February 26, 2020 regarding extending the reconciliation period to conduct field inquiries about suppliers of credit clients
The Central Bank of Egypt extends the three-month reconciliation period for conducting field inquiries regarding suppliers of credit clients by an additional three months, with the new deadline set for June 2020. This decision applies to banks to facilitate financing procedures and support various sectors.
Cairo on 26: February 2020
Dear Mr. Chairman of the Board of Directors,
Greetings,
Further to the letter issued by the Central Bank of Egypt dated December 3, 2019, regarding the controls to be taken before granting credit to customers to finance working capital represented by the settlement of suppliers' dues, and granting a reconciliation period of three months to conduct field inquiries.
And after studying the banks' position regarding compliance with the aforementioned instructions, and in the context of the Central Bank of Egypt's keenness to facilitate financing procedures and support various sectors, it has been decided to extend the reconciliation period for conducting field inquiries about suppliers of existing customers by an additional three months ending in June
2020. Please be so kind as to take the necessary action to implement the aforementioned decision.
Please accept the highest assurances of respect, Gamal Naguib
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Lineage: Amended
A newer document in RegAlert amends this one; it applies as amended.
The links and the sentences they come from (2)
- Amended by
“as well as the subsequent circular on February 26, 2020, which extended the period for banks' regularization until the end of June 2020.”
- Issued under
- Letter dated 2019-12-03Not in RegAlert
“Further to the letter issued by the Central Bank of Egypt dated December 3, 2019, regarding the controls to be taken before granting credit to customers to finance working capital represented by the settlement of suppliers' dues, and grant…”
Timeline
Amended 1 time · last 2020-03-19
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Source: Central Bank of Egypt — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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