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Central Bank of Egypt Limits Withdrawals and Deposits ‎

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Central Bank of Egypt Limits Withdrawals and Deposits ‎
    written by
    Mariam Nowar

    (Image credit: Daily News Egypt)

    In light of the current state of emergency that our nation and the world is facing against the Coronavirus (COVID-19) pandemic, the Central Bank of Egypt (CBE) has set temporary daily limits on withdrawal and deposits. Individuals are allowed 10,000LE, while the figure is 50,000LE for companies, with an exception for firms that are withdrawing to pay its employees’ salaries. As for ATMs, the limit has been set to 5,000LE across the country.

    The CBE’s decision came as a result of the overcrowding that usually occurs during payroll and pensions disbursement, according to Youm7, and they come in line with the necessary health precautions that include social distancing. The bank is also urging citizens to switch to online banking services and transfers to lessen the use of paper money; hence, protecting people from the transmission of the virus.