The Central Bank of Egypt (CBE) has suspended work across all its banks for April 19 and April 20 due to the Resurrection Sunday and Sham al-Nassim occasions. Work will resume on April 21, a CBE statement said. 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 six months. The 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. The CBE further instructed banks working on the local market not to apply additional fines for late payments, and to put in place urgent plans to increase credit limits with foreign banks in order to ensure the continued flow of necessary financing for foreign trade operations.

Source: Egypt Independent April 15, 2020 10:41 UTC