Regulatory Alerts2020-03-16
Added · Updated
Circular dated March 16, 2020, supplementing the instructions issued regarding the precautionary measures that must be taken to confront the effects of the Corona virus
Banks are required to postpone all credit obligations for customers, including individuals and institutions, for a period of six months, covering consumer loans and residential mortgages. No additional returns or late payment penalties shall be applied during this postponement period. This directive is effective as of the date of the circular.
Cairo on: 16 March 2020
Dear Sir / Chairman of the Board,
Greetings,
In continuation of the circular letter issued on March 15, 2020, regarding the precautionary measures that must be taken to confront the effects of the Corona virus, and in light of monitoring the conditions and developments of the banking market, it has been decided that banks postpone all credit obligations for customers from institutions and individuals (including loans for consumer purposes and loans for residential mortgages for individuals), for a period of 6 months, without applying additional returns or penalties for delay in repayment.
Please be so kind as to alert regarding taking the necessary action to implement the aforementioned decision as of its date.
Accept our highest respect,
Tarek Amer