What you need to know about the Central Bank of Egypt’s new cash deposits and daily withdrawal limits

Doaa A.Moneim , Monday 30 Mar 2020

In line with the state’s preventive measures to contain the repercussions of COVID-19 pandemic, especially on the national economy, the Central Bank of Egypt (CBE) has adopted a stimulus package.

The Egyptian Central Bank offices in Cairo, Egypt (Reuters)
The Egyptian Central Bank offices in Cairo, Egypt (Reuters)

Accordingly, the CBE has set new limits for cash deposits and withdrawals from banks and ATM machines.

Ahram Online provides answers to clients’ FAQs.

Q: What are the new daily limits for cash deposits and withdrawals?

A: EGP 10,000 for individuals and EGP 50,000 for enterprises, except for entrepreneurs’ withdrawals for their due disbursements.

Q: What are the new daily limits for cash deposits and withdrawals carried out through ATM machines?

A: EGP 5,000.

Q: Why has the CBE taken these moves?

A: - To avoid overcrowding in branches and before ATM machines, particularly during payroll and pension disbursement.

- To implement health procedures and maintain a safe distance to help contain coronavirus.

- To urge clients to rely on electronic payment methods and banking transfers instead of cash, especially that fees on electronic transactions have been halted for six months.

Q: Which transactions are exempted from the new procedures?

A: - Government deposits for electricity, natural gas, water, and oil bills with a commitment to daily deposit limits.

- Public and private sector enterprises.

- Cheques submitted to the CBE’s set-off.

- Cheques worth more than EGP 10,000 will be cashed with EGP 10,000 and the rest over several days. An option to open a new account for the client or to transfer the rest of the sum to the client’s account in other banks without fees is possible.

- Credit card dues and attached liabilities, including letters of credit.

Q: For how long will the new limits be applied?

A: The CBE said the new limits are provisional, and will be applied for at least 15 more days.

Q: What are the current working hours of banks?

A: Banks open for clients from 9.30 am to 1.30 pm. For employees, the working hours extend from 9 am to 2 pm.

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