Egypt’s FRA: leasing companies can delay loan repayments for 6 months
Thursday, 03 19 2020, Category: Economy, Country: Egypt
Egypt’s market watchdog, the Financial Regulatory Authority (FRA) issued a decree that makes mortgage, financial leasing, and factoring companies giving their retail and corporate customers a six-month grace period to repay loans without any fines.
The decision, effective as of 18 March, is in line with the state plan to fend off the impact of coronavirus on the economy, FRA said in a statement.
On Monday, the Central Bank of Egypt (CBE) directed banks to extend the repayment period of all loans, including consumer, mortgage, and personal loans, for a period of six months.
Source: Amwal Al Ghad