Egypt’s Central Bank exempts 5 transaction types from new cash deposit and withdrawal limits

Doaa A.Moneim , Sunday 29 Mar 2020

The headquarters of Egypt
The headquarters of Egypt's Central Bank is seen in downtown Cairo (Reuters)

Following the announcement of the new limits for cash deposits and withdrawals from banks and ATM machines on Sunday, the Central Bank of Egypt issued a circular book for banks clarifying which transactions are exempted from the new limits.

1- Government deposits regarding electricity, natural gas, water, and oil bills with a commitment to the daily deposit limit.

2- Public and private sector enterprises.

3- Checks that are submitted to the CBE’s set-off.

4- Checks worth more than EGP 10,000 will be cashed with EGP 10,000 and the rest of the sum will be cashed over several days. Also, a new account can be set up for the client or the rest of the sum can be transferred to the client’s account in another bank without fees.

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

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