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Wednesday, 8 April 2020

Central Bank of Egypt to scrub 100k individuals, 8k companies scrubbed from i-Score blacklists

CBE clears 8k companies, 100k individuals from i-Score blacklists: The Central Bank of Egypt (CBE) has decided to scrub individuals and businesses with bad credit from a blacklist it maintains and lift restrictions on their access to the banking system, according to a CBE circular (pdf). The decision is expected to benefit 100k individuals and 8k businesses. The decision also includes a reduction in disclosure periods that will now be mandated to fall within a 6 to 12 month limit.

Background: The credit forgiveness initiative comes after the CBE launched a debt relief plan announced last month that would see marginal interest on debt under EGP 1 mn waived for individuals at risk of default. Eligible customers would also be required to make a 50% payment of the original debt in cash or in-kind accompanied with an arranged payment plan with the creditor bank.

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