Tourism businesses welcome CBE decision, call for more flexibility in private sector banks
The Central Bank of Egypt (CBE) has decided to extend the validity period of its initiative to support the tourism sector for an additional year, until the end of 2021.
During that period, any requests for postponement of bank entitlements shall be accepted for a maximum period of three years. The CBE said that the initiative contains indicative determinants, through which banks study each case separately and take the appropriate decision, while the remaining conditions of the initiative remain in effect as they.
The CBE also decided to extend the validity period of the retail loan initiative for workers in the tourism sector for a year, which will also conclude at the end of 2021.
During that period, banks are allowed to carry forward, for an additional six months from the date of their maturity, the entitlements of customers regarding consumer loans and real estate loans for personal housing. This applies to regular customers only, according to the CBE’s 30 September 2020 position, with no delayed interest for that period as the remaining provisions of the initiative remain in effect.
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