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04:11 p. M.
Tuesday 15 September 2020
I wrote – Manal Al-Masry:
The bankers told Masrawy that some banks decided to give their borrowers flexibility by allowing the extension of the delay in the payment of loan installments for another period, especially clients who have had their business interrupted due to circumstances outside their scope. control due to the crisis of the spread of the new Corona virus.
They added that five sectors add to the sectors whose trade and financial flows have been affected by the Crown crisis, and include tourism, aviation, cement, contracting and retail stores.
This occurs after the Central Bank issued new instructions to the banks on Monday, coinciding with the end of the 6-month delay in the credit rights of customers during the current month of September, and the beginning of the collection of these benefits from the banks.
These instructions included the need for each bank to take into account a careful review of existing credit lines and study the position of all clients and their future cash flows, with the objective of determining the appropriate measures that will be taken to deal with them.
The central bank had instructed the banks, in mid-March, to postpone the payment of installments of credit rights to all clients for a period of 6 months from the date of issuance of the decision as part of a package of measures to face the repercussions of the spread of the new Corona virus.
The bankers told Masrawy that their banks are currently studying the situation of each client, either gradually resuming the payment of the installments of the loans that they owe, or extending the period of delays in the installments again according to the fall in volume. of its financial flows, after the official expiration of the period of delay of the debts of the clients as of tomorrow.
Yahya Abul-Fotouh, vice president of the National Bank of Egypt, told Masrawy that the bank is currently working with the end of the period of delay in the payment of debt installments to study the case that each client commits to extend the late payment of loan installments not counting late fees but at the agreed repayment rate for the loan, or regularly. Paying the bank fees.
He added that the bank’s approval to extend the installment deferral period again depends on the type of client activity and the extent to which its financial flows are affected, especially if it is from specific sectors such as tourism, aviation, restaurants, shopping centers. , cement and contracting. The deferral period will vary according to the credit feasibility study of each client and the size. Damaged by the repercussions of the Corona virus.
Abul-Fotouh noted that banks work to support their clients in times of financial crises beyond their control, in various ways, including extending the period of delay in installments and rescheduling the loan, as well as pumping out loans. to floating clients, that is, helping them to resume their suspended activity.
Tariq Jalal, head of the sector of financing of small and medium enterprises of the Bank of Industrial Development, said that the bank is currently studying the situation of each client and the extent of their ability to regularly pay bank fees or the possibility of resorting to reschedule your loans again without adding late fees once the Central Bank decision period is over. Postpone debt.
Jalal added, to Masrawy, that clients who do not have the possibility to return to reimburse their fees due to the stoppage of their activities and the decrease in their financial flows, will reschedule their debts at intervals according to the situation of each client and recapitalize the loans without major pressure so that they can be regular in payment.
According to Jalal, various sectors are experiencing a decrease in their financial flows due to Corona, especially hotels, shopping centers, restaurants, retail stores and aviation.
Read also:
4 Instructions of the Central Bank to facilitate bank clients the return of the collection of loan installments
