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Central Bank of Egypt Sets Daily Limit for Cash Deposits and Withdrawals

To contain the further spread of COVID-19 and lower the chances of overcrowding, the Central Bank of Egypt has set daily limits for cash deposits and withdrawals for both individuals and enterprises.

cbe

The Central Bank of Egypt (CBE) has put in place daily limits for cash deposits and withdrawals for both individuals at EGP 10,000 and enterprises at EGP 50,000. This is part of the nationwide effort to flatten the curve of COVID-19 by limiting overcrowding, especially for periods of payroll and pension disbursements. However, entrepreneurs withdrawing money for employees’ salaries are exempt from this limit.

The CBE has also set a cash deposit and withdrawal EGP 5,000 limit for ATM machines, and has encouraged clients to opt for electronic payment methods and bank transfers as opposed to cash -, especially since electronic transaction fees have been cancelled for six months.


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