São Paulo – The Central Bank of Egypt (CBE) announced this Tuesday (7) that it is removing 8,000 corporate entities and 100,000 individuals from its list of clients late on credit payments. Al Ahram online reported that restrictions on irregular clients have also been lifted.
The move is designed to help tackle the Covid-19 pandemic and its effects on global economies, including by “keeping factories and enterprises operational to ensure that the production process continues and to attain the anticipated growth rates,” Al Ahram reported.
The CBE said it will not hesitate to “take actions and initiatives that support the national economy, enhance confidence in the banking system, and to continue the economic reform program in light of the current external and internal challenges.”
Translated by Gabriel Pomerancblum