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Banking sources told Al-Youm Al-Sabea that banks operating in the local market will begin to deduct the installments of the 6-month deferred loan, starting in mid-September, from the accounts and salaries of the participants in the initiative, once the duty delay initiative launched by the Central Bank of Egypt in mid-March last, as part of the measures to mitigate the repercussions of the “Corona” virus, was completed.
The sources indicated that the mechanism to calculate the interests of the deferred loans to 6 months will be paid with the rights of each client according to the deduction schedule of the value of the installments of their loans, and the expiration date to deduct the value of the loan fee for each client who applied to join the Egyptian bank initiative, and in line with the Clients’ ability to pay.
The payment mechanism for the value of refunds calculated over the deferral period for the payment of loans approved by the Central Bank of Egypt, as part of the procedures to face the repercussions of the Corona virus, includes not asking clients for the value of the loan. deferred return with the first expiration date after the deferral period, and inform customers of the cost and method of payment.
The Central Bank of Egypt had announced the postponement of loan and credit card installments for a period of 6 months due to the “Crown”, the cancellation of fees and commissions applied to the fees of the points of sale and withdrawals of ATMs and electronic wallets for a period of 6 months, and the provision of credit limits necessary to finance working capital, especially to pay the salaries of company employees. .
The banks’ plan to deal with the coronavirus includes providing early detection devices and equipment to detect the virus, forcing employees to reveal their whereabouts when traveling out of the country, obtaining a compulsory license upon return, and precautionary measures plans to prevent the spread of infection, especially when a bank employee is proven or suspected to have been exposed. To get injured.
The Central Bank of Egypt said that various preventive measures have been implemented regarding the new Corona virus, and in line with the direction of the state and in the interest of the safety, security and stability of the banking sector and customers to ensure that banks conduct their various activities and activities efficiently, as banks will immediately provide the necessary credit limits. Comply with the financing of the import operations of basic and strategic commodities to ensure that the demands of importing companies, especially food commodities, are met to meet the needs of the markets.
