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Egypt’s central bank cancels maximum cash deposit limit in banks

Central Bank of Egypt (CBE) raises the key interest rates by 200 bps..
By TRENDS Desk
August 26, 2022 3:27 pm
  • During the COVID-19 crisis, the bank set a maximum limit of cash deposits as part of measures to face its global economic impact
  • The bank decided to increase the maximum limit of cash withdrawals in banks from $2605 to to $7,814

The Central Bank of Egypt (CBE) cancelled on Thursday the maximum limit of cash deposits for both individuals and companies either at bank branches or through ATMs, the Middle East News Agency reported.

During the COVID-19 crisis, the bank set a maximum limit of cash deposits as part of measures to face its global economic impact, the state agency added.

“The cancellation comes in light of the declining coronavirus infections and as part of efforts to make it easy for citizens and companies to deposit money,” the apex bank said in a statement.

Also, the bank decided to increase the maximum limit of cash withdrawals in banks from EGP50,000 ($2605)to EGP150,000  ($7,814), but kept the maximum cash withdrawal limit through ATMs to intact at EGP20,000 ($1041).

 

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