The Central Bank of Egypt (CBE) and Federation of Egyptian Banks (FEB) have agreed to amend the withdrawal and deposit limits for individuals during Ramadan.
According to Mohamed El-Etreby, Chairperson of Banque Misr and FEB, under the amendment, the daily withdrawal and deposit limits for individuals through ATMs increased from EGP 5,000 to EGP 20,000. The limits through bank branches were also increased from EGP 10,000 to EGP 50,000 per day.
On 29 March, the CBE decided to temporarily set a daily EGP 10,000 limit for deposits and withdrawals at bank branches for individuals. Companies were able to deposit or withdraw EGP 50,000, with some groups later excluded from this decision.
The CBE also put an EGP 5,000 daily limit on deposits and cash withdrawals from ATM at the time.
It added that this move comes as part of the state’s efforts to maintain citizen health and safety whilst also reducing the risks from the ongoing coronavirus (COVID-19) pandemic. The move comes to avoid crowding and gatherings, especially when salaries and pensions are distributed.
El-Etreby added that this measure also comes in compliance with health, prevention and safe distances instructions, as approved by the World Health Organization. There is also daily monitoring and follow-up on the transactions with banks.