Egyptians withdraw LE 30B in 3 weeks: Central Bank governor

CAIRO – 30 March 2020: Egyptian citizens withdrew LE 30 billion during the last three weeks, which exceed their needs, Governor of the Central Bank of Egypt (CBE) Tarek Amer said Sunday.

“That’s why CBE decided to set a limit for deposits and cash withdrawals for a temporary period in banks' branches,” Amer clarified in a phone interview with Sada El-Balad private channel.

On Sunday, CBE decided 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.

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.

Amer added that cash circulating outside the banking sector amounted to about LE 540 billion.

He stated that 80 percent of the deposits in banks are in savings certificates with a value of LE 900 billion.

Bank customers have also purchased savings certificates of 15 percent, known as the “Ibn Misr Certificate” from Al-Ahly Bank and Egypt, with a value of about LE 30 billion within a week, and that 90 percent of the certificates' purchases were made online.

Meanwhile, Amer announced that the central bank issued several initiatives at a distinct interest rate, including pumping LE 50 billion pounds, to finance middle-income units, in addition to pumping LE 16 billion pounds to non-governmental organizations (NGOs).