Until the end of next year, requests to postpone bank entitlements, maximum of three years, will be accepted.
The Central Bank of Egypt (CBE) released a statement yesterday on extending the validity period of its initiative to support the tourism sector until the end of 2021.
Until the end of next year, requests to postpone bank entitlements, maximum of three years, will be accepted. The CBE added that there are factors in some cases to which banks may study each case individually before making appropriate decisions and actions, while other initiative conditions remain in effect.
The CBE highlighted that outstanding provisions should be judged fairly, taking into consideration the requirements and conditions of the International Financial Reporting Standard (IFRS9).
In addition to supporting the tourism sector, the CBE has also declared they have extended the validity period of the retail loan initiative for those working in the tourism sector, also until the end of 2021.
Until the end of 2021, banks can move forward with entitlements regarding consumer loans and real estate loans for personal housing for an added six months. This applies only to regular customers with no delayed interest for that period, according to the CBE’s end of September position.
