CBE reminds banks of LE 150k withdrawal restrictions in circulated message

Cairo – January 31, 2024: Egypt’s central bank confirmed the importance of banks to adhere with the limitations to the amount of cash customers are allowed to withdraw from local banks.

Local media cited a message sent to banks by the Central Bank of Egypt (CBE), in which it reminded banks to follow the set daily limits for individuals and corporations at LE 150,000.

Any requests from customers looking to withdraw amounts exceeding the LE 150,000 limit must be reported to the CBE twice a day (at 12 PM and 3 PM) for approval.

The CBE’s previous instructions regarding withdrawal restrictions was in 2022, in which the central bank upped the cap for daily withdrawals to LE 150,000 from LE 50,000, maintaining the maximum limit for withdrawals for individuals from ATMs at LE 20,000.

At the end of 2023, the CBE revealed that it was postponing adding fees related to bank transfer services executed via electronic channels - internet banking and mobile banking applications - in Egyptian pounds across its Instant Payment Network and InstaPay application.