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CBE temporarily regulates cash deposits, withdrawals CBE sets daily limit for cash deposits, withdrawals in branches of EGP 10,000 for individuals, EGP 50,000 for companies
The Central Bank of Egypt (CBE) has temporarily set a daily limit on deposits and cash withdrawals at bank branches nationwide due to the coronavirus outbreak. The measures mean that individuals will be able to withdraw EGP 10,000 maximum per day and companies EGP 50,000. The decision excludes companies withdrawing the necessary amounts to pay salaries. The CBE has also put a daily limit of EGP 5,000 on cash deposits and withdrawals from ATMs, whilst emphasising that banks periodically sterilise and disinfect these machines. The CBE said in a statement, Sunday, the move comes as part of the state's measures to protect the health and safety of citizens and reduce the risks of contracting coronavirus. The measure comes in compliance with health, prevention, and social distancing instructions as approved by the World Health Organization, the CBE added. It is also aimed at continuous monitoring and daily follow-up of transactions with banks. Whilst emphasising its confidence in citizen awareness of coronavirus, the CBE has called on Egyptians to reduce dealings in banknotes and to rely more on bank transfers. It also recommended using electronic payment methods, such as plastic money and mobile wallets, which have become widely available. All banks have cancelled fees associated with electronic payments, to help ease the situation on citizens.
