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The Central Bank of Egypt decided to extend the work of the delinquent clients initiative until June 30, and include legal entities, taken on their behalf or not, of clients with bad and doubtful debts and whose debit balance is lower to 10 million pounds at the end of September 2019 (no marginal returns). .
“The Seventh Day” publishes the text of the instructions issued by the Central Bank of Egypt.
The Central Bank of Egypt indicated that the extension also includes the initiative of legal persons operating in the tourism sector of irregular clients whose debts amount to 10 million pounds or more (without marginal returns) by a bank, whether they have been initiated or no legal proceedings on them.
He explained that according to the two initiatives, clients will be removed from the block lists and all cases exchanged and exchanged with the courts (after agreement on payment conditions), and all guarantees related to the debt will be released, in case the client makes a payment in cash or in kind (in case the bank accepts the payment in kind) for a specific percentage From the debt balance determined according to the cash flow and bank study.
