Egypt sets daily limit for deposits, cash withdrawals temporarily

CAIRO – 29 March 2020: The Central Bank of Egypt (CBE) decided Sunday to set a daily limit for deposits and cash withdrawals for a temporary period in banks' branches, at LE 10,000 for individuals and LE 50,000 for companies.

"Companies are excluded from this limit to be able to pay the dues of their employees," CBE said in a statement.

It also decided a daily limit for deposits and cash withdrawals from ATM machines at LE 5,000, indicating that the banks sterilize and disinfect those machines periodically.

This comes in the context of the state’s keenness on the health and safety of citizens and reducing the risks of coronavirus (COVID-19) with the aim of ensuring protection and avoiding crowding and gatherings, especially in the periods of withdrawing salaries and pensions.

Egypt’s central bank called on everyone to reduce dealing in banknotes and rely on bank transfers and the use of electronic payment methods such as bank cards and mobile phone wallets that have become available to all.

To clarify, all banks canceled the expenses associated with transfers and the use of online payment methods and tools in order to facilitate the procedures for the citizens.