The Central Bank of Egypt (CBE) is taking proactive precautionary measures to curb and offset the negative implications of the COVID-19 virus outbreak. The below measures were adopted by CBE from March 15th to ensure the safety of individuals and the continuity and viability of businesses.
On the macro monetary policy level, CBE’s Monetary Policy Committee decided to cut the interest rates by 3% in an unscheduled meeting on March 16th. This preemptive decision was introduced to support national economic activities disrupted by the outbreak.
On the institutional level, at CBE and within the banking sector, CBE endorsed the use of technology and allowed for virtual meetings, including for Board of Directors. This aligns with the decree by Egypt’s Prime Minister (PM) calling for institutions nationwide to reduce human capital presence to the minimum for sanitary precautions. The PM decree also enables working women to work from home or take paid leave if they have children below the age of 12 years.