Circular dated June 21, 2020 regarding extending the period of exempting local transfers in Egyptian pounds from commissions and expenses until September 15, 2020

Cairo on: 21 June 2020
To: Chairman of the Board of Directors
Bank

Greetings,

Further to our letter dated 22 March 2020 regarding the exemption of local transfers in Egyptian pounds from all associated commissions and expenses for a period of three months, in order to limit the use of banknotes due to their potential risk to public health in light of the coronavirus crisis.

In light of the continued application of precautionary measures, it has been decided to extend the period of the aforementioned exemption to end on 15 September 2020.

Furthermore, in light of the periodic monitoring of banks' transactions, it has been observed that local transfers in Egyptian pounds are delayed for several days without justification, which may lead to customers avoiding executing their financial transactions through bank transfers and resorting to cash transactions. Therefore, it is necessary to support the infrastructure and transfer departments of banks to enable the execution of customer requests on the same day, in order to gain their trust and encourage them to reduce the use of circulating cash.

Please be so kind as to alert regarding taking the necessary action in light of the above.

Accept our highest regards,

Tarek Amer