The Central Bank of Egypt (CBE) has approved new limits for cash deposits and withdrawals for individuals and enterprises as a part of its preventive procedures against the COVID-19 outbreak.
The CBE said Sunday that new limits are provisional. It set a daily limit for cash deposits and withdrawals from bank branches at EGP 10,000 for individuals and EGP 50,000 for enterprises, with the exception of entrepreneurs’ withdrawals for worker disbursements.
It also set a limit of EGP 5,000 for cash deposits and withdrawals from ATM machines.
The CBE asserted that the move aims at avoiding overcrowding, particularly during payroll and pensions disbursement.
It also came in line with health protection and precaution procedures enacted by the state in order to curb the impact of the COVID-19 outbreak.
The CBE urged all clients to use electronic payment methods and bank transfers instead of cash, especially that fees on electronic transactions have been suspended for six months.