AA: The Central Bank extends the exemption for banks from setting limits on the concentration of credit portfolios until the end of 2021

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The Board of Directors of the Central Bank of Egypt decided to continue exempting banks from implementing the decision to set limits for the concentration of credit bank portfolios with the 50 largest clients and the parties associated with it until the end of December 2021.

 

The Central Bank announced in its instructions issued today, Wednesday, that this comes in light of the precautionary measures it has taken to mitigate the repercussions of the emerging corona virus, and with the aim of continuing to support banks to play their role in supporting various economic sectors, stressing the continuation of implementing the requirements of individual and sectoral concentration contained in risk instructions. Concentration, within the framework of the second pillar of the "Basel" decisions issued under the circular dated April 7, 2019.

 

The Central Bank had issued instructions in early 2016, which stipulated the formation of additional risk weights of up to 200% in the event that the credit facilities granted to the largest 50 clients exceed 50% of the credit portfolio, and 300%, in the event that the aforementioned percentage exceeds 70% of the total portfolio. Fiduciary.