Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

CBE Denies Issuing New Instructions Regarding Cash Withdrawal Limits

Wed 31 Jan 2024 | 11:11 PM
The Central Bank of Egypt (CBE) headquarters, Cairo, Egypt. File Photo
The Central Bank of Egypt (CBE) headquarters, Cairo, Egypt. File Photo
Taarek Refaat

The Central Bank of Egypt (CBE) confirmed that no new instructions have been issued regarding cash withdrawals, and that the instructions issued on August 25, 2022 regarding increasing the daily maximum limit for cash withdrawals for individuals and companies from EGP 50,000 to EGP 150,000 are the instructions currently in effect without amendment.

This came in a statement by the Central Bank today regarding what was circulated by some newspapers and social media regarding the issuance of new instructions from the Central Bank to set a maximum daily cash withdrawal from a customer’s single account or all of his accounts.

The bank explained that this is to consolidate the principle of financial inclusion and is consistent with international practices in this regard to motivate bank customers to use non-cash payment methods, which include transfers and various electronic payment methods and tools available at all banks.

The Central Bank calls for caution when spreading any news related to the Central Bank or the banking sector.