CBE sets limits for cash transactions to counter coronavirus spread - News Summed Up

CBE sets limits for cash transactions to counter coronavirus spread


The Central Bank of Egypt (CBE) on Sunday set maximum limits for cash deposits and withdrawals as part of precautionary measures to counter the novel coronavirus (COVID-19). In a Sunday statement the bank said the daily limit for deposits and cash withdrawals in bank branches is LE10,000 for individuals and LE 50,000 for companies. The bank also set the daily limit for ATM deposits and cash withdrawals at LE5,000. CBE called to reduce dealing in banknotes, relying more on bank transfers and electronic payment methods such as bank cards and mobile phone wallets. Earlier in March the CBE launched a new initiative to encourage citizens to expand using electronic payment means as part of efforts to curb the coronavirus outbreak.


Source: Egypt Independent March 29, 2020 12:04 UTC



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