The Central Bank of Egypt (CBE) announced, on Sunday, a set of preventive measures in light of the coronavirus (COVID-19) pandemic, in order to ensure the safety, security and stability of Egypt’s banking sector as measures are implemented to slow down the spread of the outbreak. In instructions to banks operating in the local market, CBE ordered the cancelling of fees and commissions applied to sales and withdrawals from ATMs and electronic wallets for a period of 6 months. CBE instructed banks to provide the credit limits necessary to finance working capital, or the capital of a business used in its day-to-day trading operations, especially the payment of salaries for companies’ employees. Egypt’s Health Ministry has confirmed 126 cases of coronavirus in the country so far and two deaths. On Sunday, senior scholars from Al-Azhar gave their approval to a measure that would suspend Friday prayers, and the Endowments Ministry has shut religious shrines across the country.

Source: Egypt Independent March 16, 2020 10:41 UTC