A man wearing a protective face mask withdraws money from an ATM at the Al Shohadaa "Martyrs" metro station in Cairo, Egypt, March 22, 2020 (Photo: Reuters)
The Central Bank of Egypt (CBE) announced on Wednesday it is raising the limit of daily cash withdrawals from ATMs to EGP 20,000, up from EGP 5,000, and from banks to EGP 50,000, up from EGP 10,000.
The decision comes on the heels of an agreement with the Federation of Egyptian Banks, chaired by the President of Banque Misr Mohamed El-Itreby.
The increase in cash withdrawals is effective starting Friday, the first day of the Islamic fasting month of Ramadan.
On 29 March, the CBE approved new limits for cash deposits and withdrawals for individuals and enterprises as part of its preventive procedures against the COVID-19 outbreak and to avoid overcrowding, particularly during payroll and pension disbursement.
The new limits are provisional, the CBE stated.