CBE Denies Imposing "Permanent" Cash Withdrawal Limit

The Central Bank of Egypt (CBE) denied, on Wednesday, allegations of imposing a permanent limit on cash withdrawals to limit the presence of customers in banks as a proactive step within a package of measures that are supposed to be implemented starting in July 2020.

In a reference to what is being circulated on some social media platforms regarding restrictions on cash withdrawals from banks to limit the presence of customers within them, the Central Bank confirmed in a statement that these allegations are far from true, and that rumors were not mentioned by any of the Central Bank officials .

The CBE called on all citizens not to be drawn into any anonymous information related to the banking sector and refer to its official sources to ensure its authenticity, stressing that the bank’s management is committed to transparency in all decisions, which can be found on its official website.

It is noteworthy that the Central Bank issued a decision to set a "temporary" daily limit for withdrawals and cash deposits in bank branches and ATMs, at EGP 10 thousand for inpiduals and EGP 50 thousand for companies.

Also, the Central Bank imposed a daily limit for deposits and cash withdrawals from ATMs to EGP 5 thousand to reduce the risks of the spread of the coronavirus.

Central Bank Governor Tarek Amer said in statements that the decision to amend the withdrawal limits will be reviewed within two weeks.