Egypt’s CBE Sets New Daily Cash Deposit, Withdrawal Limits

Within the framework of the country's precautionary plan to curb the outbreak of coronavirus, the Central Bank of Egypt (CBE) set new limits for daily deposits and withdrawal from banks estimated at EGP 10000 for inpiduals and EGP 50,000 for enterprises.

The CBE added that the entrepreneurs’ withdrawals for worker disbursements are excluded from the decision.

It also set a limit of EGP 5,000 for cash deposits and withdrawals from ATM machines.

The CBE confirmed that the step aims at avoiding overcrowding, particularly during payroll and pensions disbursement.

It also came in line with health protection and precaution procedures enacted by the state in order to curb the impact of the COVID-19 outbreak.

The CBE urged all clients to use electronic payment methods and bank transfers instead of cash, especially that fees on electronic transactions have been suspended for six months.

The Egyptian Health Ministry said on Saturday 40 new coronavirus cases were detected, including a Jordanian national and 39 Egyptians, who were in contact with other positive cases.

“This upped the total number of confirmed cases to 576,” Khaled Megahed, the ministry’s spokesman said in a statement.

Six more deaths were confirmed; raising the total number to 36.

The new fatalities include a 73-year-old Italian man and five Egyptians whose ages range between 57 and 78 years old. They are from Cairo, Damietta, Menya, and Port Said governorates.

It is worth mentioning that, the World Health Organization (WHO) declared coronavirus a global pandemic as the new virus has rapidly spread to more than 121,000 people from Asia to the Middle East, Europe, and the United States.