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30 March 2020
REGULATION

Central Bank of Egypt asks banks to limit withdrawals and deposits

The central bank also limited daily ATM withdrawals and deposits to EGP 5,000

Egypt reported 33 new coronavirus cases and four fatalities, bringing the totals to 609 confirmed infections and 40 deaths/Bloomberg

by Kudakwashe Muzoriwa

The Central Bank of Egypt (CBE) has instructed banks to apply temporary limits on daily withdrawals and deposits in a move which seems to have been designed to control inflation and hoarding amid concerns over the spread of the COVID-19 pandemic.

In a statement, CBE said that the daily limit for individuals will be EGP 10,000 and EGP 50,000 for companies, however, businesses will be exempt from the withdrawal limits if the money is used to pay employees.

Furthermore, the central bank urged Egyptians to limit their use of banknotes and to rely on electronic transfers and e-payments, and the regulator has also instructed banks to cancel fees on transfers and e-payment methods for the citizens’ convenience.

Tarek Amer, the Governor of the Central Bank of Egypt, said that the central bank realised that individuals are withdrawing money from the banks although they did not need it, with withdrawals reaching EGP 30 billion in the past three weeks.

Egypt reported 33 new coronavirus cases and four fatalities, bringing the totals to 609 confirmed infections and 40 deaths.

The government ordered mosques to shut their doors to worshippers for two weeks from 21 March 2020 and the Ministry of Islamic Endowments expects to extend the closure indefinitely.


RELATED STORIES: COVID-19 Central Bank of Egypt

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