By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba at AmCham
    Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba
    March 20, 2023
    Could this be the year for Tobacco Harm Reduction?
    Could this be the year for Tobacco Harm Reduction?
    March 20, 2023
    Strong presence of Egypt’s real estate developers in MIPIM in Cannes
    Strong presence of Egypt’s real estate developers in MIPIM in Cannes
    March 20, 2023
    Raaed Developments launches ROOTS compound in New Sohag with EGP 1.8bn investment
    Raaed Developments launches ROOTS compound in New Sohag with EGP 1.8bn investment
    March 20, 2023
    Tatweer Misr signs MoU with Saudi Arabia to facilitate investment opportunities in Kingdom
    Tatweer Misr signs MoU with Saudi Arabia to facilitate investment opportunities in Kingdom
    March 20, 2023
  • Politics
    PoliticsShow More
    Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
    Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
    March 21, 2023
    Chinese President Xi meets Putin in Moscow
    Chinese President Xi meets Putin in Moscow
    March 21, 2023
    UN envoy says solution "closest" to end political crisis in Sudan
    UN envoy says solution “closest” to end political crisis in Sudan
    March 20, 2023
    20 years on, George W. Bush’s promise of democracy in Iraq and Middle East falls short
    March 20, 2023
    Iraq 20 years on: researchers assess how US invasion shapes lives today – podcast
    March 20, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Central Bank of Egypt extends measures to contain COVID-19 repercussions until June 2021
Share
Notification
Latest News
Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Politics
Chinese President Xi meets Putin in Moscow
Chinese President Xi meets Putin in Moscow
Politics World
Toyin Falola: 3 recent books that explain the work of Nigeria’s famous decolonial scholar
Culture
UN envoy says solution "closest" to end political crisis in Sudan
UN envoy says solution “closest” to end political crisis in Sudan
Politics
Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba at AmCham
Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba
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 > Central Bank of Egypt extends measures to contain COVID-19 repercussions until June 2021
BankingEconomy

Central Bank of Egypt extends measures to contain COVID-19 repercussions until June 2021

Hossam Mounir
Last updated: 2020/12/29 at 2:08 PM
By Hossam Mounir 3 Min Read
Share
SHARE

The Central Bank of Egypt’s (CBE) Board of Directors has decided to extend, for six months, some of its decisions taken to combat the repercussions of the novel coronavirus (COVID-19) pandemic.

This will mean that the decisions, which were put in place as part of the CBE’s proactive actions against the pandemic, will remain in effect until 30 June 2021.

The CBE’s Board of Directors effected the decisions as part of the move to implement the strategy laid out by the National Council for Payments, headed by President Abdel Fattah Al-Sisi.

The extension reflects the CBE’s keenness to protect the national economy, and preserve the gains of Egypt’s economic reforms, whilst also maintaining the banking sector’s stability.

The extended decisions include: the continued exemption for customers from all expenses and commissions on bank transfer services in Egyptian pounds; the free issuance of electronic wallets, including creating virtual card numbers (VCNs) for the wallet; the cancelling of all commissions and fees related to transfers between mobile wallets; the issuance of prepaid contactless cards to citizens for free; and removing fees and commissions for cash withdrawals.

Other decisions that will be extended for the new period include obligating banks that have obtained a licence for electronic acceptance to cancel all fees and commissions that private sector merchants incur. These will be applied to transactions that take place using contactless payment instruments issued by banks operating in Egypt.

CBE Deputy Governor Rami Aboul Naga said that the extensions are being applied to monitor and ensure the continuity of the Egyptian banking sector’s work. They are also designed to ensure ease of accessing banking facilities for Egyptians, and to encourage them to continue the adoption of electronic banking and e-payment channels.

Moreover, CBE Sub-Governor for the Banking Operations and Payment Systems Sector, Amani Shams El-Din, said that the decisions also include the continued cancellation of fees and commissions for cash withdrawals for pension cards.

In this instance, the CBE bears the cash withdrawal fees from ATMs, whose approximate value is projected to be EGP 40m-EGP 60m during the upcoming six-month period. This is in addition to the costs that have been incurred in the previous period, which stand at approximately EGP 90m.

The CBE emphasised that it will continue to closely monitor all local and global developments, so that it can intervene immediately with the appropriate measures. These will ensure that the national economy is protected, and will stimulate the market, whilst maintaining banking and monetary stability.

You Might Also Like

DNE Awards honours e-Finance Investment Group as Most Influential in Digital Transformation

DNE Awards honours CIB as Most Efficient Egyptian Bank

AUB Egypt records 73.6% growth in consolidated net profit to EGP 2.04bn in 2022

CBE approves rules governing payment card service codes

22 banks offer EGP 54.3bn in mortgage finance for low-income housing in February 2023

TAGGED: Central Bank of Egypt
Share this Article
Facebook Twitter Email Print
Previous Article Rania Al-Mashat EIB to finance 3 transport projects worth €1.1bn in Egypt
Next Article Landmine blast kills 9 in Somalia 5 killed, 2 injured in southern Somalia blast
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Politics
Chinese President Xi meets Putin in Moscow
Chinese President Xi meets Putin in Moscow
Politics World
Toyin Falola: 3 recent books that explain the work of Nigeria’s famous decolonial scholar
Culture
UN envoy says solution "closest" to end political crisis in Sudan
UN envoy says solution “closest” to end political crisis in Sudan
Politics
//
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?