CBE Renews Suspension of ATM and Banking Transaction Fees Until June 2021Source: www.export-egypt.com 12/29/2020, Location: Africa |
|
|
|
|
|
The Central Bank of Egypt (CBE) decided to renew until June 2021 a number of procedures it has put in place since the onset of the COVID-19 outbreak.
The bank had renewed the measures in September, and they were expected to be lifted by the end of 2020. The CBE’s decision includes extending the suspension of fees on cash withdrawals from ATMs and exempting clients from fees and commissions on banking transactions in Egyptian pounds until June 2021. The CBE will also bear the cost of cash withdrawal fees for pension payment cards, amounting to EGP 50 million, to ease the burden on pensioners. In addition, the bank is continuing to issue free-of-charge electronic portfolios and prepaid cards for individuals while cancelling fees and commissions on money transactions via mobile phone accounts. Also, the CBE has instructed banks to exempt private-sector vendors from fees and commissions for transactions conducted via non-contact payment instruments, and to allow them to use their accounts without the need to enter a password to encourage them to increase their reliance on non-contact payment instruments and to maintain social distancing, as well as to promote the Tap and Go culture, particularly for transactions that do not exceed EGP 600. In May, the CBE launched an electronic repayment initiative targeting the distribution of 100,000 points of sale and granting 200,000 free-of-charge quick response codes. On 15 March, the CBE announced a package of procedures aimed at easing banking operations in the wake of the coronavirus outbreak. The procedures included raising daily transaction limits on credit cards and cancelling fees and commissions at points of sale and on withdrawals from ATMs for six months. The CBE said these measures are part of a number of procedures it has adopted to cope with the pandemic and its likely consequences. The measures are in line with the state’s target to ensure the stability of the Egyptian banking sector and to support the national economy. The procedures include keeping bank deposits locally in branches as reserves and urging clients to use credit and debit cards instead of cash. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
