March 15, 2020 / 3:01 PM / 19 days ago

Egypt's central bank says ready to intervene if necessary

CAIRO, March 15 (Reuters) - Egypt’s central bank said on Sunday it was ready to intervene immediately to maintain banking and monetary stability if necessary, after the government announced steps to contain the coronavirus outbreak.

The central bank instructed banks to cancel fees and commissions on withdrawals from ATMs and on transactions made on retail point-of-sale machines for six months. It also told banks to postpone loan repayment demands for small and medium businesses and to suspend penalties for late payments.

Reporting by Ehab Farouk; Writing by Amina Ismail; Editing by Edmund Blair

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