Egyptian banks instructed to temporary limit withdrawals and deposits

Monday 30 March 2020 08:05 CET | News

Egyptian banks have been instructed to apply temporary limits on daily withdrawals and deposits.

The move is designed to control inflation and hoarding during the coronavirus’ spread. Central bank governor said late on March 29, 2020 that 30 billion Egyptian pounds (EUR 1.71 billion) have been withdrawn from banks in the past three weeks.

The daily limit for individuals would be 10,000 Egyptian pounds (EUR 570.12) and 50,000 pounds (EUR 2,850.85) for companies, Reuters cited a central bank statement. The central bank has also limited daily ATM withdrawals and deposits to 5,000 pounds (EUR 286.12) it said in a statement.

However, businesses will be exempt from the withdrawal limits if the money is used to pay employees.

The central bank has also urged people in the statement to limit their use of banknotes and to rely on electronic transfers and e-payments, adding that it instructed banks to cancel fees on transfers and e-payment methods.

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Keywords: Egyptian banks, Central Egyptian Bank, money withdrawn, coronavirus, inflation, deposits, ATM withdrawals, Egypt
Categories: Banking & Fintech
Countries: Egypt
This article is part of category

Banking & Fintech