The temporary limits were imposed to encourage the use of cashless payment methods
By: Islam Fadl
Cairo – Mubasher: The Federation of Egyptian Banks (FEB) and the Central Bank of Egypt (CBE) agreed to raise the daily limit on bank and ATM cash withdrawals for individuals starting from Ramadan, FEB’s chairman Mohamed El-Etreby told Mubasher on Wednesday.
The daily limits on cash withdrawals for individuals will be raised to EGP 20,000 from EGP 5,000 at ATMs and to EGP 50,000 from EGP 10,000 at banks’ branches, El-Etreby added.
The CBE previously decided to set temporary limits of cash withdrawals and deposits in an attempt to curb the spread of the novel coronavirus (COVID-19) by encouraging customers to use cashless payment methods.
Source:
Mubasher Exclusive
