The Central Bank of Egypt (CBE) has raised the daily cash withdrawal limit for individuals and businesses to 500,000 Egyptian pounds, up from 250,000 pounds, as part of a temporary measure aimed at easing access to funds during ongoing banking system adjustments. The move, announced on Tuesday, will remain in place until communication systems are fully restored, the CBE said in a statement. The decision is part of broader efforts by the central bank to ensure liquidity and support the smooth functioning of Egypt's banking sector amid recent technical challenges. The CBE did not provide a specific timeline for when the limit would revert to the previous cap. However, it emphasized that the adjustment is intended to facilitate daily transactions and address liquidity concerns for both businesses and individuals. The increase in withdrawal limits is a response to growing demand for cash in the wake of banking disruptions, which have impacted daily operations for both the public and private sectors. By temporarily raising the limit, the central bank aims to alleviate pressure on cash-strapped businesses while banking communication systems are brought back online. The move underscores the CBE's commitment to ensuring financial stability in a challenging environment, as Egypt's economy faces multiple strains, including high inflation and foreign currency shortages. Attribution: Amwal Al Ghad English
