By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    CBE Deputy Governor, Swiss State Secretary discuss economic cooperation
    CBE Deputy Governor, Swiss State Secretary discuss economic cooperation
    September 30, 2023
    CBE Governor discusses cooperation with China Development Bank in Beijing
    CBE Governor discusses cooperation with China Development Bank in Beijing
    September 30, 2023
    eSIM technology to be tested by mobile operators in Egypt soon
    eSIM technology to be tested by mobile operators in Egypt soon
    September 30, 2023
    GAFI plans to set up financial service center in New Capital with Emirati-South African alliance
    GAFI plans to set up financial service center in New Capital with Emirati-South African alliance
    September 30, 2023
    Klivvr aims to become Egypt’s largest retail institution within 7 years: Chairperson
    Klivvr aims to become Egypt’s largest retail institution within 7 years: Chairperson
    September 30, 2023
  • Politics
    PoliticsShow More
    Israeli army kills Palestinian in West Bank
    Israeli army kills Palestinian in West Bank
    October 1, 2023
    Aswan Forum Secretariat ‘CCCPA’ briefs UN Country Team on upcoming edition
    Aswan Forum Secretariat ‘CCCPA’ briefs UN Country Team on upcoming edition
    September 30, 2023
    Egypt marks 20 years of United Nations Convention against Transnational Organized Crime
    Egypt marks 20 years of United Nations Convention against Transnational Organized Crime
    September 30, 2023
    Al-Sisi urges Egyptians to vote for change in upcoming elections
    Al-Sisi urges Egyptians to vote for change in upcoming elections
    September 30, 2023
    UN to send mission to Nagorno-Karabakh: Spokesperson
    UN to send mission to Nagorno-Karabakh: Spokesperson
    September 30, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Banks implement CBE’s initiative delaying loan instalments for individuals, companies
Share
Notification
Latest News
Israeli army kills Palestinian in West Bank
Israeli army kills Palestinian in West Bank
Politics Region
CBE Deputy Governor, Swiss State Secretary discuss economic cooperation
CBE Deputy Governor, Swiss State Secretary discuss economic cooperation
Business
CBE Governor discusses cooperation with China Development Bank in Beijing
CBE Governor discusses cooperation with China Development Bank in Beijing
Business
eSIM technology to be tested by mobile operators in Egypt soon
eSIM technology to be tested by mobile operators in Egypt soon
Business
GAFI plans to set up financial service center in New Capital with Emirati-South African alliance
GAFI plans to set up financial service center in New Capital with Emirati-South African alliance
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Banking > Banks implement CBE’s initiative delaying loan instalments for individuals, companies
Banking

Banks implement CBE’s initiative delaying loan instalments for individuals, companies

Hossam Mounir
Last updated: 2020/03/24 at 12:58 AM
By Hossam Mounir 5 Min Read
Share
The performance of the bank in terms of the customer satisfaction index was strong, ranking second, with a slight gap from the National Bank of Egypt (NBE). (Photo Handout to DNE)
SHARE

Egyptian banks have implemented a Central Bank of Egypt (CBE) initiative of postponing loan instalments for individuals and companies.

The National Bank of Egypt (NBE) announced a delay of six months in instalments for clients who obtained retail bank loans and credit cards, and clients of small and medium enterprises (SMEs), and large companies.

NBE has the largest banking retail portfolio in the market, registered at more than EGP 92bn.

Banque Misr also announced Monday the postponement of retail bank loan instalments, credit card instalments, SMEs, and large companies starting from March for six months.

The Commercial International Bank (CIB) – Egypt said that, as of Monday, for all bank customers, the minimum credit card debt payment will not be claimed, for up to six months without any delay penalties, while interest will still be calculated. Direct minimum payment from personal accounts will also be suspended.

The bank added, in a statement on its official Facebook page, that it was also decided to exempt holders of all types of CIB cards from the cash withdrawal fees from ATMs inside Egypt. Local cash withdrawal limits were also increased.

Concerning loan instalments, the bank said that the instructions of CBE are being implemented and all the details will be announced once finalised.

Sources in Nasser Social Bank confirmed that the bank is currently studying the implementation of the CBE’s initiative, revealing that the initiative unlikely to be applied to pensioners because the instalments are deducted automatically.

Ashraf El Kady, Chairperson of the United Bank, stressed that the bank decided to postpone the instalments of all personal loans.

He said that it was already agreed with the Press Syndicate to postpone the loan instalments for journalists for six months, according to CBE’s initiative.

Alaa Farouk, Chairperson of the Agricultural Bank of Egypt, said that it was decided to postpone all credit dues for individual and SME customers for six months.

He added that the delay will not be accompanied by imposing any additional fines for late payments, according to CBE’s instructions. 

He pointed out that the bank is committed to applying all the initiatives issued by CBE.

AlexBank announced that it started implementing the initiative and the instructions of CBE starting from 15th of March for the next six months.

In a text message to its clients, the bank said that paying all instalments was postponed starting from March 2020 for six months, applicable to clients who obtained retail banking loans, credit cards, and owners of SMEs and large companies, under CBE’s decisions. 

The bank advised its clients, through its official page on Facebook, to use internet or mobile banking services to carry out their banking transactions, instead of going to the bank’s branches.

The bank explained that it increased the maximum daily limit for all bank cards, and also cancelled the withdrawal fees from any ATM or transfers in Egypt to ensure the health and safety of its customers.

On Monday, CBE decided to include clients of the microfinance sector to the initiative. 

Accordingly, companies and associations will postpone the instalments of their microfinance clients.

Earlier, Al Tadamun Microfinance Foundation announced to its clients that there is no delay in the instalments of the loans they obtained.

On 15 March 2020, CBE launched the initiative to postpone loan instalments for six months, with no additional fines applied for late payment.

 Instructions apply to all customers, both individuals and institutions, including financial leasing companies, real estate financing, factoring companies, and SMEs, as well as consumer loans, personal loans, credit cards, auto-loans, and mortgages.

You Might Also Like

CBE completes third phase of money market development project

Central Bank of Egypt wins 2 AFI Global Financial Inclusion Awards

Banks’ financial position grows to EGP 13.798trn in 1H 2023, CBE reports

Banque Misr to launch green investment fund in 2024

CBE to decide on interest rate on Thursday amid high inflation

TAGGED: banks, Banque Misr, CBE, Central Bank of Egypt, NBE, the National Bank of Egypt
Share this Article
Facebook Twitter Email Print
Previous Article Misr Petroleum launches sanitizers at low prices to counter coronavirus 
Next Article EGP 6.2bn worth of 15% certificates sold by NBE, Banque Misr on first day
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Israeli army kills Palestinian in West Bank
Israeli army kills Palestinian in West Bank
Politics Region
CBE Deputy Governor, Swiss State Secretary discuss economic cooperation
CBE Deputy Governor, Swiss State Secretary discuss economic cooperation
Business
CBE Governor discusses cooperation with China Development Bank in Beijing
CBE Governor discusses cooperation with China Development Bank in Beijing
Business
eSIM technology to be tested by mobile operators in Egypt soon
eSIM technology to be tested by mobile operators in Egypt soon
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?