06:05 PM
Tuesday 07 June 2022
I wrote – Manal Al-Masry:
The Board of Directors of the Central Bank will hold a meeting to decide the fate of continuing to stop calculating commissions on cash withdrawals on automated teller machines in banks (ATMs) and 7 other electronic services that are provided free of charge for the sixth time in a row before the end of the current month of June following the completion of the study and the approaching completion of the initiative, according to a source. From the central, he spoke to Masrawy.
In March 2020, the Central Bank obligated banks to exempt customers from cash withdrawal commissions as part of its precautionary measures to confront the emerging Corona virus and motivate the public to automate their payments to reduce crowding in bank branches and to avoid transmission of infection through cash dealing.
The Central Bank decided to extend the initiative 5 times in a row, starting at the end of September 2020, and it is scheduled to end at the end of this June to support customers as part of a package of precautionary measures to confront the Corona virus pandemic.
The source explained to “Masrawy” that the Central Bank is studying the possibility of extending the work by stopping all commissions and fees on some electronic services related to bank transfer services in the Egyptian pound, issuing electronic wallets for free, and exempting citizens from all commissions and fees for transfers between mobile phone accounts and transfers between any A mobile phone account and any bank account.
As well as issuing prepaid cards to citizens for free, provided that these cards are “contactless” if the bank starts issuing this type of cards, and exempting citizens from all fees and commissions for cash withdrawals from ATM, provided that the card issuing bank bears those fees and commissions, This does not include credit card returns.
The decisions under study also include the extent to which merchants will continue to be exempted from all fees for activating electronic collection services via the Internet (E-Commerce), in order to reduce the financial burdens on companies by exempting them from the expenses that were required of them to activate the electronic collection service via the Internet, according to the source.
The Central Bank is also studying the possibility of continuing to exempt citizens from all fees and commissions related to cash withdrawal operations for pension exchange cards, and the Central Bank bears the cash withdrawal expenses for pension exchange cards from ATMs.
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Starting from July… Details of the withdrawal commission from ATM machines for non-customers