Regulatory Alerts2020-03-19
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Circular dated March 19, 2020 regarding canceling the field inquiry procedure for credit customer suppliers
The Central Bank of Egypt has decided to stop applying the circular dated December 3, 2019, which mandated field inquiries for credit customer suppliers. This cancellation is effective immediately as of March 19, 2020, to facilitate credit granting procedures under current conditions. Banks are instructed to take necessary action based on this directive from its date.
Cairo: March 19, 2020
Dear Mr./Chairman of the Board of Directors,
Greetings,
With reference to the circular issued by the Central Bank of Egypt on December 3, 2019, regarding conducting a field inquiry for credit customer suppliers, as well as the subsequent circular on February 26, 2020, which extended the period for banks' regularization until the end of June 2020.
In light of the current circumstances and with the aim of facilitating credit granting procedures, the Central Bank of Egypt has decided to stop applying the aforementioned decision.
Please be so kind as to alert relevant parties to take the necessary action based on the above, effective from its date.
Yours faithfully,
Tarek Amer