By: Mostafa Adel
Cairo - Mubasher: Egyptian banks have paid all of the temporary foreign currency finance facilitations for its clients on 28 February, a source told Mubasher.
The source noted that the coverage for these facilitations reached 100%, based on the daily exchange rate for the day of the finance, as banks granted customers loans in Egyptian pound with an interest rate of 12% for the first two years.
It is worth noting that the governor of the Central Bank of Egypt (CBE) met with the banks’ chairmen and investors unions on 20 February and agreed to provide some temporary finance facilitations for the payment of obligations in foreign exchange.
Banks has allowed non-eligible clients an attractive interest rate on the EGP covers, and the foreign currency facilitations.
The CBE has approved last month the US dollar debt restructuring for companies with an interest rate of 12%, with a time limit of two to seven years.
