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Good news .. Banks postpone loan payments without fines

Bankers confirmed that Egyptian banks decided to give flexibility to all their borrowers’ customers by providing them with an extension of the period to postpone the payment of loan installments for another period, especially customers who were severely affected and suffered from stopping their business due to some circumstances beyond their control, and this is due to the crisis of the spread of the new Corona virus .

Banks postpone loan payments without fines

It has also been confirmed that 5 sectors come in the priority sectors that have been affected by all their business and financial flows, and this is due to the Corona crisis, which includes tourism, aviation, contracting and retail stores.

Also, this comes after the Central Bank of Egypt issued many new decisions yesterday, Monday, related to banks and coinciding with the end of the period for postponing credit entitlements, which is on all customers, as it reached 6 months, and this is during the month of September, and banks’ collection has started. For all benefits.

These instructions include the importance of every bank taking into account all procedures related to careful review, which help in existing credit facilities, and starting to study the positions of all customers and their future cash flows, and this is for the purpose of updating the procedures that are compatible with it and that will be taken to deal with them.

It is also mentioned that the Central Bank directed the banks in the middle of last March, and this is to postpone the payment of the credit entitlement installments to all customers for a period of 6 months from the date of the issuance of the decision, and it is among the measures special belts to address all the repercussions of the spread of Corona crisis.

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