President Abdel-Fattah El-Sisi directed the central bank to issue instructions to banks regarding the delay of the repayment of loan installments and credit cards due to banks from customers for a period of 6 months.
The Commercial International Bank, through its official page on the social networking site Facebook, confirmed that all types of CIB card holders were exempted from cash withdrawal expenses from ATMs inside Egypt, and the local cash withdrawal limits were increased.
According to the Central Bank’s initiative to postpone the payment of loan installments and credit cards, the bank is obligated not to impose any returns, fines, and delay commissions on the postponement, and only the rate of interest applied to the loans is calculated in accordance with the contractor before issuing instructions.
An interest rate is calculated for the period of postponing the payment of loan installments and credit card debts, which are determined by the contracting bank and obligated to be paid by the customer, provided that the customer is informed of the additional cost of the “pricing mechanism” that he will incur resulting from the postponement.
All banks operating in Egypt, whether public, private or foreign banks, are obliged to implement the Central Bank’s instructions to postpone the payment of installments for a period of 6 months.