Egypt sets limits for withdrawals and deposits from banks due to coronavirus

The bank asked Egyptian dealers to reduce dealing in banknotes and rely on bank transfers and the use of electronic payment methods such as bank cards and mobile phone wallets. (File/AFP)

• The bank said that the daily limit for deposits and cash withdrawals in bank branches becomes $636 for individuals and $3,184 for companies
• The central bank said the new measures aims to ensure protection and avoid crowding and gatherings

The Central Bank of Egypt announced on Sunday that it will impose a temporary daily limit for withdrawals and cash deposits in bank branches to reduce the risks of the coronavirus, Al Arabiya reported.
The bank said that the daily limit for deposits and cash withdrawals in bank branches becomes $636 for individuals and $3,184 for companies.
The daily limit for deposits and cash withdrawals from ATM machines has been set at $318.
The central bank said the new measures aim to ensure protection and avoid crowding and gatherings, especially when salaries and pensions are paid, and in compliance with health and prevention instructions and safe distances, as approved by the World Health Organization.
The bank asked Egyptian dealers to reduce the use of banknotes and rely on bank transfers and the use of electronic payment methods such as bank cards and mobile phone wallets, which have become available to all.
All banks cancelled the expenses associated with the transfers and the use of electronic payment methods and tools in order to facilitate the process for citizens.