CBE eases restrictions on personal loans

CAIRO - 22 December 2019: The Central Bank of Egypt on Sunday eased restrictions on personal loans announcing a decision to raise the value of loan installments financed by banks to individuals for consumer purposes.

As per the new decision, the borrowing limit on personal loans, credit cards and loans for buying personal cars will reach 50 percent of the monthly total income of a bank client, instead of the previous 35 percent, the CBE said in a statement.

Under the decision, the value of mortgage loans for personal housing will stand at 40 percent of the monthly total income of the client, the statement added.

The move comes in light of the significant improvement in economic indicators and higher GDP, the statement noted.