The central bank drops the accumulated debt on 940 thousand bank customers

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The Central Bank of Egypt issued a new initiative on March 16, 2020, regarding clients of irregular individuals until September 30, 2019, whose total irregularities with all banks are less than one million pounds (without credit cards).

According to that initiative, all accumulated returns are waived after tripping and relinquishing all traded and exchanged issues between the bank and the customer in the courts immediately upon agreeing payment terms, in addition to canceling the ban on dealing with them and the liberalization of guarantees and mortgages for these debts when the customer pays 50% of the net debt balance Without marginal returns during the period up to March 31, 2021, in addition to the benefit of customers who made payments before September 30, 2019 with the same terms of initiative.

In this context, it is expected that about 940 thousand clients will benefit from the initiative (including about 200 thousand clients who have taken legal action against them) so that benefits totaling about 10 billion pounds, of which 4.3 billion pounds, are marginalized returns.

This decision is a continuation of the recent initiatives of the Central Bank of Egypt concerning clients who are not in payment of legal persons, and to facilitate individual customers to remove them from their stumbling and enable them to deal again with banks, which contributes to raising their purchasing power and enhancing local demand.

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