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CBE prohibits banks from paying dividends due to COVID-19 crisis

CBE prohibits banks from paying dividends due to COVID-19 crisis
banks are allowed to distribute employee bonuses and board remuneration

Cairo – Mubasher: The Central Bank of Egypt (CBE) has issued a decision to ban banks from paying dividends to shareholders.

The decision is aimed at protecting the capital of banks against the potential risks of the coronavirus (COVID-19) crisis, the CBE said in a statement late on Monday.

However, banks are allowed to pay employee bonuses and board remuneration for 2020.