Regulatory Alerts2020-03-16
Added · Updated
Circular dated March 16, 2020 regarding the Irregular Customers of Natural Individuals Initiative
The Central Bank of Egypt issues an initiative for natural persons with irregular debt balances below 1 million EGP as of September 30, 2019 to settle debts and regain access to the banking system. Participants who pay 50% of the net debt balance without penal interest are granted removal from credit blacklists, a one-year historical disclosure as initiative customers, lifting of transaction bans, and release of non-cash collateral. The initiative applies to current and past defaulters, runs until March 31, 2021, and requires banks to notify eligible customers via registered letters and comply with legal reconciliation provisions.
More like this from CBE
CBE published 2 documents in the last 30 days. We email you each new one the day it's published.