(4 minutes read)
· The Central Bank of Egypt (CBE) has decided to extend the waiver on fees and commissions for cash withdrawals from ATMs and bank transfers until the end of 2020
· CBE Deputy Governor Rami Aboul Naga stated that the waiver of fees and commissions for cash withdrawals from ATMs are also extended till 31st December
The Central Bank of Egypt (CBE) has decided to extend the waiver on fees and commissions for cash withdrawals from ATMs and bank transfers until the end of 2020. The waiver was first introduced on 15 March 2020 besides other measures to give relief to the common man. They were announced for a period of six months. The new period of extension is set to come to an end on 31 December 2020.
The decision was taken at the CBE’s latest session. The bank’s board also discussed the necessary precautionary measures to ensure the continuity of the Egyptian banking sector’s various activities. This continuity is to ensure that the needs of customers are met, especially in light of the current circumstances. It also seeks to reduce direct dealings with customers.
CBE Deputy Governor Rami Aboul Naga stated that the waiver of fees and commissions for cash withdrawals from ATMs are also extended till 31st December.
Exemption for customers would continue for all expenses and commissions of all remittance services made in Egyptian pounds. The CBE will bear a total cost of nearly EGP 50m. The Board of Directors has also decided to continue issuing electronic wallets for free, whilst cancelling all commissions and fees for transfers between mobile phone accounts. The CBE launched an electronic payment initiative in May, aimed at deploying 100,000 electronic points of sale (POS) and 200,000 free QR codes for merchants without any charges or fees.
