Your credit card payments are on hold for six months, and other ways the Central Bank of Egypt is trying to cushion the burden of the virus.
Okay, so this includes a lot of numbers, but here’s what you need to know: the coronavirus is doing more than just sending us all to our rooms to think about what we’ve done. It’s also, inevitably, wreaking havoc on the global economy.
Different countries are doing different (in turn smart, very smart, and not so smart) finance math things to try and cushion the blow to the economy, which - no surprise - hits the average Mohamed first, and hardest.
So, here’s what our own Central Bank of Egypt (CBE) is doing in order to alleviate the burden of it all from individuals and startups alike.
Though not directly related to the covid-19 outbreak, the CBE is also continuing its latest debt relief initiative, which will be forgiving a combined debt of EGP 10 billion, benefiting 940,000 borrowers all over Egypt, 200,000 of whom have court cases which will now be dropped.