Regulatory Alerts2020-03-15
Added · Updated
Circular on Precautionary Measures to Confront the Effects of Coronavirus
The Central Bank of Egypt requires banks to implement minimum preventive measures, including staff awareness campaigns, continuous disinfection protocols, and mandatory leave for employees returning from travel. Banks must submit business continuity plans within two working days and immediately provide credit lines for essential imports and working capital, while deferring repayments for small and medium enterprises for six months without penalties. Additionally, the circular mandates the suspension of fees for point-of-sale transactions, ATM withdrawals, and e-wallets for six months, alongside increased daily limits for debit and credit cards.