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Tuesday, 26 May 2020

CBE launches new procedures over Coronavirus outbreak, easing banking, monetary operations

The Central Bank’s measures include upping limits on daily transactions, including at ATMs, and encouraging the use of credit cards over cash

Doaa A.Moneim , Sunday 15 Mar 2020
CBE
File photo: Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt (Photo: Reuters)
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The Central Bank of Egypt (CBE) has announced a package of procedures that aim at easing banking operations in the wake of the Coronavirus outbreak.
 
On Sunday, the CBE instructed domestic banks to raise daily transaction limits on credit cards, besides cancelling fees and commissions applied at points of sale and on withdrawals from ATMs for six months.
 
The CBE announced that these actions come as a part of a number of procedures the CBE has adopted to cope with the rapid spread of the COVID-19 virus and its likely consequences.
 
In a statement, the CBE said the procedures are in line with the state’s orientation in response to Coronavirus, to give reassurance on the stability of the Egyptian banking sector, and to support the national economy in this phase.
 
The procedures also include keeping bank deposits locally in branches as reserves as well as urging clients to use credit and debt cards instead of cash.
 
The CBE added that is following all updates on the domestic and global levels regarding Coronavirus, committing to take all necessary actions to preserve banking and monetary stability.
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