CBE Steps-in to Curb the Impact of the COVID-19 Outbreak on Egypt’s Banking Industry

The Central Bank of Egypt (CBE) has announced that it has introduced preventive measures to counter the impact of COVID-19 on Egypt’s banking industry.

The CBE stated that all local banks have been instructed to facilitate Egypt’s import operations by providing sufficient credit facilities against the import of basic and strategic essentials, such as food commodities, as required by the country’s market.

Other measures taken by the CBE included instructing banks to cancel all fees and commissions applied against sales and withdrawal transactions (for a period of 6 months) from Automated Teller Machines (ATMs), to provide credit limits to meet the working capital req...