The decision comes within the framework of the plan of the state to apply the rules of financial inclusion and in accordance with the decision of the Central Bank of Egypt (CBE) to facilitate e-payments and transactions for the individuals and companies, Board Chairman of Egypt Post Sherif Farouk said in a statement.

On Thursday, the CBE raised the cap for daily withdrawals from bank branches for both individuals and companies to EGP 150,000, up from EGP 50,000, while keeping the maximum limit for withdrawals for individuals from ATMs at EGP 20,000.

The CBE also instructed banks to lift maximum limits for deposits by individuals and companies at bank branches and ATMs.

Last week, Prime Minister Mostafa Madbouly extended the term of Sherif Farouk as board chairman of Egypt Post for another year.